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(Bloomberg) — Canadian retail sales are set to rise in June after months of gasoline-driven gains, while the data point to consumers broadening their purchases beyond fuel.
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An advance estimate suggests retail sales increased 0.4% in June following a 1.0% gain in May, Statistics Canada reported on Thursday. If that comes to pass it’d be the sixth consecutive increase.
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Economists surveyed by Bloomberg were expecting a 1% increase May retail sales, following a revised 0.4% gain in April.
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Though the advanced estimate carries no subsector details, the data to May show elevated gasoline prices as a major driver of the nominal increase in retail sales. That’s due to higher global energy prices from the ongoing conflict in the Middle East.
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Still, there’s some evidence of broader consumer resilience, even amid a sharp slowdown in population growth and the ongoing trade disputes with the US, which have flattened economic growth. In volume terms, retail sales rose by 0.3% in May, the first gain in three months and suggesting household consumption isn’t rapidly deteriorating.
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Nominal retail sales also rose in every subsector in May, with the largest increase at gasoline stations and fuel sectors, which rose 3.1%. Sales of motor vehicle and parts dealers also contributed to the gain, rising 0.7%.
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So-called core retail sales, which exclude those sectors, rose 0.9% in May, the first increase in three months and the biggest since January. General merchandise and hobby and sports shops led those gains.
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Excluding autos, retail sales rose 1.2% in May, below the 1.3% estimate in a Bloomberg survey.
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Sales rose in every province but Nova Scotia.
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—With assistance from Mario Baker Ramirez.
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English (US)