September 25, 2012
Canadian retail sales rose 0.7 per cent in July, offsetting the decline in June. Retail strength was broad-based with 8 of 11 retail sub-sectors reporting higher sales. Adjusted for inflation, retail sales were up 0.6 per cent.
Retail sales in British Columbia were up 0.7 per cent in July, and 2.8 per cent higher year-over-year. Through the July of 2012 retail sales have grown 4.2 per cent over last year.
July's retail sales numbers provide some relief following very weak Canadian trade and manufacturing data to start the third quarter. That said, Canadian economic growth is clearly stagnating. Our tracking estimate for third quarter Canadian GDP is currently showing just over 1 per cent growth.
BCREA Economics Now