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. 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 policy interest rate by 0.5 percentage point to 3.75 per cent Wednesday. In cutting the benchmark rate, the BOC said household spending and business investment have picked up this year, but remain soft. Sales at food and beverage retailers dropped 1.5 per cent in August, as supermarkets and other grocery retailers fell 1.9 per cent and convenience retailers lost 0.6 per cent. TD Bank economist Maria Solovieva said that outside of vehicles, retail sales were the weakest in three months.
© 2024 Canjex Publishing Ltd. All rights reserved.