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.
Canadian retail sales rose 1.1% in August according to a special flash estimate following a 0.6% gain in July, the federal statistics agency said Friday, while wholesaling joined in to exceed pre-pandemic volumes for the first time.
Wholesale sales rose 4.3% to a record in July, taking them 0.6% above the previous record set in February, Statistics Canada said from Ottawa.
Both reports were led by a rebound in automobiles following Covid-19 shutdowns that hit the industry hardest as commuting and road trips were canceled. Gasoline station sales rose 6.1% on higher prices and increased sales volumes.
Future growth may be even more modest as the country's biggest provinces on Thursday reinstated limits on gatherings and warned of bigger shutdowns if people keep attending big parties and spreading the virus even further. There are also about 1 million Canadians who have deferred mortgage or credit card payments and 8 million others coming off Covid relief checks this month, many seeking work in a job market with 10% unemployment.
More evidence of the long way to recovery the Bank of Canada has focused on showed in retail sales excluding autos. They fell 1.2% in July, led by a 12% drop at homebuilding and gardening dealers. Industry sources have also told MNI they see continued weak demand for discretionary spending and rising prices for food and health equipment.
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.