Statistics
Canada announced on Friday that the Canadian retail sales jumped 2.1 percent
m-o-m to CAD57.21 billion in August, following an unrevised 0.6 percent m-o-m fall
in July.
Economists
had forecast a 2.0 percent m-o-m surge for August.
According
to the report, sales went up in 9 of 11 subsectors in August, accounting for 94.6
percent of total retail sales, led by higher sales at food and beverage stores
(+4.8 percent m-o-m), gasoline stations (+3.8 percent m-o-m), and clothing and
clothing accessories stores (+3.9 percent m-o-m). Meanwhile,
sales at furniture and home furnishings stores (-2.4 percent m-o-m) and electronics
and appliance stores (-1.6 percent m-o-m) witnessed declines.
Core
retail sales, which exclude gasoline stations and motor vehicle and parts
dealers, jumped 2.7 percent m-o-m in August.
In y-o-y terms, Canadian retail sales surged 8.4
percent in August, following an unrevised 5.3 percent jump in July.