Canadian consumers took a shopping break in June following the largest monthly sales increase in almost a decade in May, Statistics Canada reported today.
Despite the drop in June, retail sales were the highest in almost six years during the second quarter, StatsCan said.
Total retail sales fell 0.9% to an estimated $34.6 billion in June after advancing 2.6% in May.
Buoyed by May’s advance, quarterly sales growth for the April-to-June period reached 3%, the largest three-month gain in almost six years.
The bulk of June’s decline, coming on the heels of the largest monthly increase in a decade, was due to a 2.7% sales drop in the automotive sector.
Excluding automotive — which includes gasoline station sales — retail sales were essentially unchanged.
General merchandise stores (down 0.7%), clothing and accessories stores (down 0.4%), and building and outdoor home supplies stores (down 0.3%) fell moderately in June.
Furniture, home furnishings and electronics stores sales fell for the second straight month after six months of consecutive growth.
Partially offsetting these declines were sales increases in food and beverage stores (up 0.7%), at miscellaneous retailers (0.4%) and in pharmacies and personal care stores (0.1%).
Retail sales at constant prices fell 0.6% in June, yet high sales levels throughout the second quarter resulted in a strong 2.6% increase during this three-month period.
Retail sales drop in June after big jump in May
- By: IE Staff
- August 21, 2007 August 21, 2007
- 09:20