Canada Retail Sales Post Drop In June To End Improved Quarter

Canadian shoppers took a break in June, with retail sales posting a small decline on the final month of what was an otherwise improved second-quarter of spending. Retailers saw receipts shrink by 0.2 percent during the month, after a sharp 2.2 percent gain in May, Statistics Canada said Wednesday in Ottawa. Despite the June drop, retailers recorded a 1 percent gain in sales in the second quarter, following a 0.5 percent decline during the first three months of 2018 that was the worst start to a year since 2015. The quarterly pick-up in consumer spending — along with stronger business investment and exports — led to a rebound in economic activity that is fueling expectations the Bank of Canada will continue raising interest rates in coming months. Read more at Bloomberg.