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MNI: Canada Retail Sales Point To Strong Q2 Even As BOC Hikes

(MNI) Ottawa

Statistics Canada reported Tuesday that retail sales rose 1.6% in May according to a flash estimate following a 0.9% April increase, suggesting demand remains strong in the second quarter as the central bank continued raising interest rates. 

April's gain came even as new car sales fell 0.8% with many automakers still struggling to deliver product to dealerships. Excluding autos and parts sales rose 1.3%, more than double the 0.6% gain economists predicted. Total sales were more in line with the expected 0.8%. 

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Statistics Canada reported Tuesday that retail sales rose 1.6% in May according to a flash estimate following a 0.9% April increase, suggesting demand remains strong in the second quarter as the central bank continued raising interest rates. 

April's gain came even as new car sales fell 0.8% with many automakers still struggling to deliver product to dealerships. Excluding autos and parts sales rose 1.3%, more than double the 0.6% gain economists predicted. Total sales were more in line with the expected 0.8%. 

Keep reading...Show less