AppId is over the quota
AppId is over the quota
Canadian retail activity took a bigger dip than expected in July, pulled down by a sluggish sale of new cars.
Overall sales for the month fell by 0.6 per cent; economists had been forecasting a drop of 0.3 per cent.
After adjusting for price changes, retail sales volume was down by 0.9 per cent.
A 3.5 per cent drop in sales at new car dealers wiped out gains made in June, Statistics Canada said Thursday.
Furniture and home furnishings stores registered a third consecutive monthly decrease, falling 2.2 per cent, while sales at sporting goods, hobby, book and music stores dropped 2.3 per cent.
On the positive side, sales at food and beverage stores increased by 0.5 per cent, and at general merchandise stores by 0.8 per cent.
Economists said retail are expected to moderate for the rest of the third quarter of the year, held back for soft sales at new car dealers.
"Looking ahead, the uncertainties surrounding the economic outlook are expected to limit the demand for new vehicles and for durable goods more generally," TD economist Shahrzad Mobasher Fard said in a commentary.
Emanuella Enenajor, an economist at CIBC World Markets said Thursday's data suggest that "even with rates near historic lows, it’s hard to coax consumers to spend more — supporting our view that any rate hikes will be several quarters away, deferred to [the third quarter of] 2012."
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