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Retail Sales Show Momentum Into Q3 As BOC Mulls Pace Of Rate Cuts

CANADA DATA
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  • Flash August retail sales +0.5% StatsCan says Friday and official July sales +0.9%.
  • July sales rose in 7 of 9 categories, led by autos +2.2%.
  • Economists predicted July sales +0.6%. Ex-auto sales also beat forecasts at +0.4% vs consensus +0.1%.
  • Report is good news about Q3 growth after BOC cut rates for a third time on Sept 4 and saw some risk of needing to move faster. Officials noted StatsCan's earlier flash GDP figures suggested weakness going into Q3. Some economists said that made the Bank's Q3 forecast of 2.8% annualized growth almost impossible to reach.
  • Sales also resilient over last year with volumes +2.2% YOY. 
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  • Flash August retail sales +0.5% StatsCan says Friday and official July sales +0.9%.
  • July sales rose in 7 of 9 categories, led by autos +2.2%.
  • Economists predicted July sales +0.6%. Ex-auto sales also beat forecasts at +0.4% vs consensus +0.1%.
  • Report is good news about Q3 growth after BOC cut rates for a third time on Sept 4 and saw some risk of needing to move faster. Officials noted StatsCan's earlier flash GDP figures suggested weakness going into Q3. Some economists said that made the Bank's Q3 forecast of 2.8% annualized growth almost impossible to reach.
  • Sales also resilient over last year with volumes +2.2% YOY.