Cars, Gas power May Retail Sales

Cars, Gas power May Retail Sales

Canadian retail sales jumped 2.2% in May, beating economists’ expectations. Good news right? Well, not really. The gain was driven more by higher prices, especially for gas, than by higher volumes.

Moreover, a preliminary estimate from Statistics Canada suggests weakness to come with sales seen rising just 0.3% in June from the month before, which CIBC economist Katherine Judge says would represent a decline in volumes.

“Indeed, with consumption to shifting towards services, while inflation erodes consumer purchasing power, demand for discretionary goods will be under more pressure ahead,” she wrote.


Posted

in

by

Tags:

Comments

Leave a Reply