Higher gasoline prices in June pushed overall retail sales across the country up by 0.5% for the month to $36 billion, Statistics Canada said today.
The figure matched economists’ expectations.
StatsCan said the June increase was mainly due to a 4.2% hike from May in sales at gasoline stations. After factoring out price fluctuations for all goods and services, retail sales in constant dollars decreased by 0.4%.
Sales in the clothing and accessories sector grew by 3.5% month-over-month, while food and beverage sales were up 1.3%.
Faltering truck sales led to a 3.1% drop in retail purchases at new car dealerships in June, marking the fifth straight month of declines.
Excluding auto purchases, retail sales rose by 1.4% nationwide in June.
Separately, StasCan reported that two of 10 components fell as the composite leading index was unchanged for a second straight month in July.
Declines in housing and the average workweek in manufacturing were large enough to offset small increases in the 7 components that rose, StatsCan said.
The housing index decreased by 2.9%, its largest decline since June 2002, largely due to a drop in housing starts.
Manufacturing indicators were mixed: New orders rebounded 1.3% from a sharp decline but the average workweek in manufacturing fell 0.5%.
The United States leading indicator rose 0.1% in July, its first increase in 11 months.
Gross domestic product growth turned up in the second quarter, led by exports and business investment.
Retail sales driven by higher gasoline prices in June: StatsCan
- By: IE Staff
- August 20, 2008 August 20, 2008
- 09:30