Canadian retail sales rose for a fourth consecutive month, increasing 0.5 per cent in August. On a year-over-year basis, sales were up 2.8 per cent. However, sales were higher in only 4 of 11 retail sub-sectors with strong sales of motor vehicles continuing to account for a large share of gains. Stripping out sales of motor vehicles, retail sales were essentially flat. In BC, retail sales were up 1.4 per cent on a monthly basis and 7 per cent compared to August 2014. Year-to-date, retail sales in the province are up 7.2 per cent over last year.
Given today's data release, Canadian real GDP is currently tracking at between 2.5 and 3 per cent in the third quarter, a significant bounce-back following two quarters of modest decline in the economy.
Copyright BCREA – reprinted with permission