June Retail Sales in Canada Rebound

Retailers in Canada sold 23.7 percent more merchandise in June versus May according to Statistics Canada, reports Bloomberg. A median forecast conducted by Bloomberg predicted a 24.5 percent increase. Preliminary estimates in July, however, show a more modest .7 percent increase expected in July.

“We’re in a full aggregate recovery for retail sales, but the lost momentum in core sales might concern CAD,” wrote Derek Holt, an economist at Bank of Nova Scotia.

Automobiles and apparel and accessories were the big winners in June, though sales were up across categories. The total increase was nearly triple comparable figures in the U.S.