Canada August retail sales rebound by 1.2 percent
Canadian retail sales rebounded in August with a 1.2 percent increase to 74.57 billion dollars, reversing a previous decline. The gains were driven largely by auto and food sector purchases. Economists remain divided ahead of the central bank decision.
Insights:
Canada retail sales rose 1.2% in August to C$74.57B ($53.2B), reversing a 0.7% drop from the previous month, Statistics Canada said. The rebound spanned all nine retail subsectors, led by stronger purchases at vehicle dealers. The figures provide a key read on economic momentum ahead of next week's central bank meeting.
