Canadian retail sales declined 0.6 per cent in June on a monthly basis but were 3.1 per cent higher year-over-year. Year-to-date, retail sales have grown 1.8 per cent compared to the first six months of 2012. Retail sales in June were dragged lower by a major labour strike in Quebec where sales fell 1.3 per cent and flooding in Alberta which trimmed sales by 0.6 per cent. Given today's data release, second quarter GDP growth is still tracking in a range of 1 to 1.5 per cent.
Retail sales in BC posted their strongest month since March, growing 1.3 per cent from May and 2.7 per cent year-over-year. However, for the first six months of the year, sales have grown just 0.3 per cent.
Copyright BCREA -reprinted with permission
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