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Bank of Montreal
Symbol BMO
Shares Issued 729,529,582
Close 2024-10-25 C$ 128.95
Market Cap C$ 94,072,839,599
Recent Sedar Documents

Globe/CP say BMO's Kaushik sees consumer spending cool

2024-10-28 06:47 ET - In the News

The Globe and Mail reports in its Saturday edition that Canadian retail sales rose 0.4 per cent to $66.6-billion in August, helped by higher new car sales, Statistics Canada said Friday. A Canadian Press dispatch to The Globe says, however, that core retail sales -- which exclude gasoline stations, fuel vendors and motor vehicle and parts dealers -- fell 0.4 per cent in August. "The details of the August retail sales report were softer than the headline increase, especially after accounting for the support from autos," BMO economist Shelly Kaushik wrote. "Consumer spending continues to lag well behind population growth; with the latter looking to cool to around zero in the coming years, we'll see if spending can recover from the combination of low inflation and falling interest rates." Statistics Canada said retail sales were up in four of nine subsectors as sales at motor vehicle and parts dealers rose 3.5 per cent, boosted by a 4.3-per-cent increase at new car dealers and a 2.1-per-cent gain at used car dealers. Gas stations and fuel vendors saw a 2.7-per-cent decline. The retail sales report followed a decision by the Bank of Canada to cut its main interest rate by half a percentage point to 3.75 per cent Wednesday.

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