Economy

Canada retail sales jump in June, but seen falling in July

Published

3 years ago

August 20, 2021

Canadian retail sales surged 4.2% in June from May, led by a strong rebound in demand for clothing and accessories, while July retail sales likely fell 1.7%, data showed on Friday.

The June gain was slightly below the average analyst estimate of 4.4%, Statistics Canada data showed. Excluding motor vehicles and parts, retail sales were up 4.7%, just beating expectations of 4.6%.

Sales increased in eight of 11 subsectors, representing 69.5% of retail trade, as COVID-19 restrictions were eased and Canadians flocked back to nonessential stores, Statscan said.

“There’s nothing like some retail therapy to cure the post-lockdown blues,” Royce Mendes, senior economist at CIBC Capital Markets, said in a note to clients.

“The general rebound following lockdowns shows the willingness of Canadians to spend and, more broadly, how quickly the economy can bounce back when Covid cases are low,” he added.

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.

“It’s very possible that spending was redirected to services as that sector more fully reopened,” said Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Markets.

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 is starting to cloud the outlook.

Clothing and accessory sales spiked 49.1% in June, with sporting good sales up 27.9% and home goods up 23.2%. Sales of new cars rose by 3.3% and used cars jumped 3.0%.

($1 = $1.0000)

(Reporting by Julie Gordon; editing by Jonathan Oatis)

Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

19 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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