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
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