BRITISH COLUMBIA – Canadian retail sales rose 0.9 per cent to $66.4 billion in July, both month-over-month and year-over-year. Excluding volatile items, sales were up 0.6 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales rose 1.0 per cent in July.
Retail sales in British Columbia were up 1.0 per cent in July month-over-month while down 0.5 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 1.1 per cent from the prior month and rose 0.6 percent from July 2023.
These July statistics illustrate a moderate rebound from an overall weakening national trend in retail sales over the past several months. However, the Bank of Canada would like to see a continuing uptick in retail activity as an indicator of heightened economic activity.
Overall, July’s retail sales are likely non-consequential for the Bank’s decision to cut by either 25 or 50 basis points in October. This month’s GDP report will have a stronger impact on the Bank’s outlook and is worth watching closely.
Source: bcrea.bc.ca
