Daily Update (Source: RBC Financial Group
anadian June retail sales rise strongly
Aug 22, 2014
- Nominal retail sales in June 2014 rose by a stronger than expected 1.1% following an upwardly revised 0.9% gain in May.
- The June increase reflected relatively broad-based gains that were led by a 3.8% surge in clothing sales.
- Auto sales dropped by 0.3% with receipts at gasoline stations up by 0.9%.
- Excluding the auto and gasoline station components, so called core sales surged by 1.7% following an upwardly revised 0.2% increase in May.
- On a volumes basis, overall retail sales rose by 0.6% in the month that matched May’s gain.
- Today’s retail sales report was consistent with second-quarter 2014 gross domestic product (GDP) growth likely strengthening to an annualized 2.5% after the
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