Canada Retail Sales Mom

Retail sales in Canada are projected to have dropped by 0.3% from the previous month in June of 2024, according to an initial estimate. This would extend the 0.8% plunge in May, marking the sharpest decline in 14 months, and revised from the preliminary estimate of a 0.6% decline. The decline was in line with a 0.7% decrease in retail volume over the period, underscoring the lower retail demand independent of changes in prices of goods. Sales turnover fell in eight of the nine goods subsectors, headlined by drops in building material and garden equipment suppliers (-2.7%), food and beverage retailers (-1.9%), and clothing and accessories retailers (-1.5%). Core retail sales, which exclude business in gas stations and fuel vendors, plunged by 1.4%. From the previous year, retail turnover edged higher by 1%.