Retail sales in Canada up 4.2% to $56.2 bn in Jun, apparel stores lead

Clothing and accessory sales grew by 49.1 per cent in June, with sporting good sales up by 27.9 per cent and home goods up by 23.2 per cent.

The June gain was slightly below the average analyst estimate of 4.4 per cent, according to a global newswire.

While the preliminary estimate for July was disappointing, economists noted that even with the decline, retail sales remain well above their pre-COVID-19 levels. The drop in July could also signal a shift to more spending in bars and restaurants.

Canadian provinces eased restrictions through the spring as new COVID-19 cases fell amid a successful inoculation campaign. But a Delta variant-driven rebound of COVID-19 cases has started clouding the outlook.

ALCHEMPro News Desk (DS)