Daily Update (Source: RBC Financial Group
Canadian May retail sales continue to rise
Jul 23, 2014
- Nominal retail sales in May 2014 rose by 0.7% following an upwardly revised 1.3% gain in April.
- The May increase was led by a 2.5% surge in autos and a 2.0% rise in gasoline station receipts.
- Excluding the auto and gasoline station components, the so called core sales dropped by 0.3% thus retracing a portion of the strong 1.0% surge in April.
- On a volumes basis, overall retail sales rose by 0.4% after a 1.0% jump in April.
- The solid gain in real retail sales in May followed reports last week of robust volume increases in May wholesale trade (2.2%) and manufacturing sales (1.6%). Although most other service categories likely rose at rate closer to a trend increase of 0.2%, this recent data point to monthly gross domestic product (GDP)
.... More >>