Canadian retail sales are expected to decline in June

Canada's retail sales for 2024/6 were predicted to decrease 0.3% from the previous month according to the initial forecast.

This expanded the 0.8% drop in May, and it was the first sharp drop in 14 months, and it was revised from the advance forecast of a 0.6% decrease.

This decline is the same as a 0.7% decrease in retail volume during this period, and it emphasizes that retail demand is declining regardless of changes in product prices.

Sales volume declined in 8 of the 9 product subsectors, and declines were noticeable in construction materials and gardening supplies retail (-2.7%), food and beverage retail (-1.9%), and clothing and accessories retail (-1.5%).

Core retail sales, which excluded the business of gas stations and fuel sellers, fell 1.4 percent.

Compared to the previous year, retail sales increased 1%.

Source: Statistics Canada