Canada Retail Sales Climb 0.4% in July
By Paul Vieira
OTTAWA--Canadian retail sales rose in July on the strength of activity at new-car dealerships and grocery stores.
The value of retail sales in July rose 0.4% on a seasonally-adjusted basis to 49.13 billion Canadian dollars ($39.82 billion), Statistics Canada said Friday. Market expectations were for a 0.2% gain, according to economists at Royal Bank of Canada.
Sales, however, declined 0.2% in volume terms, or when the effects of price changes are removed. Analysts look at volumes to get a more accurate reading on economic activity.
On a year-over-year basis, nominal retail sales rose 7.8%.
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(END) Dow Jones Newswires
September 22, 2017 08:45 ET (12:45 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.