Canadian retail sales marked a fifth straight monthly gain in May
Online sales bucked the trend, falling 1.5 percent to $5.0bn and accounting for 6.8 percent of total retail trade, down from 7 percent in April, the agency reported.
The flash estimate points to a further 0.4 percent rise in June, though Statistics Canada cautioned the reading will be revised.
Retail sales serve as an early indicator of GDP and account for about 40 percent of consumer spending, Reuters noted.
“Beyond the gas price increase, retail sales were solid in May, and a decent flash for June adds to the encouraging news,” said Shelly Kaushik, a senior economist at BMO Capital Markets.
The Canadian Chamber of Commerce’s Business Sales Tracker, which draws on Moneris card data, showed nominal spending accelerated to 5.9 percent year over year in May, economist Jasleen Trehan told Wealth Professional.
