Canada’s retail sales down 0.1 percent in August

Statistics Canada reported on Tuesday that the Canadian retail sales edged down 0.1 percent m-o-m at CAD51.54 billion in August, following a revised 0.5 percent m-o-m climb in July (originally a 0.4 percent m-o-m advance).

The result was below economists’ forecast, suggesting a 0.4 percent m-o-m gain for August.

According to the report, sales reduced in 6 of 11 subsectors, representing 51 percent of retail trade.

The August m-o-m decrease was mainly due to lower sales at food and beverage stores (-0.8 percent m-o-m), gasoline stations (-0.4 percent m-o-m) and building material and garden equipment and supplies dealers (-0.5 percent m-o-m). Meanwhile, sales at both general merchandise stores (+0.8 percent m-o-m) and motor vehicle and parts dealers (+0.1 percent m-o-m) were up in August.

Excluding motor vehicle and parts dealers, retail sales fell 0.2 percent m-o-m in August compared to an unrevised 0.1 percent m-o-m decline in July and economists’ forecast of 0.1 percent m-o-m advance. Excluding motor vehicle and parts dealers and gasoline stations, retail sales dropped 0.1 percent m-o-m in August.

In y-o-y terms, Canadian retail sales jumped 1.1 percent in August, decelerating from 1.2 percent in July.