Canadian Retail Sales Rise 0.9% in July, Driven by Auto Purchases

Economists suggest further rate cuts are needed to sustain consumer spending growth.

Statistics Canada reported a 0.9% increase in retail sales to C$66.4 billion in July.
Sales growth was primarily driven by a 2.2% increase in motor vehicle and parts dealers.
Core retail sales, excluding gasoline stations and auto dealers, rose by 0.6% in July.
In volume terms, retail sales increased by 1.0% for the month.
Preliminary estimates indicate a 0.5% rise in retail sales for August, subject to revision.