Canadian retail sales unexpectedly fell in August, declining for a second month as gasoline prices dropped. Sales decreased 0.3 percent to C$42.4 billion ($37.8 billion), the largest drop this year, Statistics Canada said today from Ottawa. Economists surveyed by Bloomberg News had forecast no change, the median of 20 responses.
The August reading follows a 0.1 percent decline in July, marking the first back-to-back losses in retail sales since 2012. Receipts fell in seven of 11 categories in August, accounting for 76 percent of total sales.
Gasoline stations led declines, with sales down 2.1 percent in August to C$5.38 billion. Among the three provinces with the highest total sales, Ontario and Alberta posted drops of 0.5 percent and Quebec retailers saw a decrease of 0.1 percent.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.