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Canada's retail sales gains lagged expectations in June and posted a surprise decline in July based on a flash government estimate, suggesting fears of the Delta variant may be undercutting momentum from a period where many stores re-opened following third wave pandemic restrictions.
Sales climbed 4.2% in June according to a Statistics Canada report released Friday, less than the economist consensus of 4.8%. Excluding autos and parts, sales gained 4.7%, in line with the market forecast. Headline sales also declined in April and May reflecting tighter restrictions to contain Covid-19.
The BOC expects stronger economic growth in the second half of the year as households spend some of the savings they built up earlier in the pandemic as big government relief checks were deposited. The Bank last month tapered QE purchases for a third time on optimism around mass vaccinations and investors expect another such move around yearend.
Source: Stats Canada
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.