Canada June retail sales rise 0.6%

Canada — Statistics Canada reported that Canadian retail sales rose 0.6% in June, beating the average analyst expectation of 0.4%. Sales increased to C$74.28 billion from C$73.84 billion in May, with gains across seven of nine subsectors. The largest increases were in clothing and accessories (up 3.1%) and general merchandise (up 2.7%), while motor vehicle and parts dealers rose 1% for a third consecutive monthly gain. Food and beverage retailers fell 0.4%, and gasoline stations dropped 4.1% due to lower prices. In volume terms, retail sales increased 1.5%. However, Canada — Statistics Canada's advance estimate indicates a 0.8% decline in July. Canadian Imperial Bank of Commerce — CIBC Capital Markets economist Andrew Grantham noted a gradual improvement in consumer spending supported by expanded household benefits and an improving labor market.