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Canada's retail sales rose 1.2% month-over-month in August, with preliminary data also indicating growth in September, which could complicate the Bank of Canada's rate cut outlook.
Canada's retail sales rose 1.2% month-over-month in August and 5.4% year-over-year. Excluding motor vehicles, sales increased by 1.2% month-over-month. Excluding motor vehicles, parts, and gasoline, sales grew by 1.1% month-over-month. Preliminary estimates for September indicate a 0.7% month-over-month increase. Strong consumer spending could complicate the Bank of Canada's rationale for further interest rate cuts.
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