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Bloomberg
Retails sales increased 0.4 percent in July, the first advance in three months, as consumers spent more on new cars, Statistics Canada said from Ottawa. The gain trailed economist
expectations for a 0.6 percent increase. Excluding motor vehicles and gasoline, retail sales fell 0.1 percent on the month.
The report falls short of economist expectations for a larger rebound and may suggest higher debt servicing costs are hindering consumer consumption. Debt service costs reached a record in the second quarter, leaving consumers with less money in their wallets to spend on other goods.
In volume terms, July sales were flat on the month and the year, which echoed the second-quarter GDP report that showed consumption has been weak.