Consumer spending in Canada may be on the downswing highlighted by recent data compiled by Statistics Canada, which found retail sales decreased in June, according to Reuters. The unexpected drop in sales occurred in seven of the 11 subsectors of the retail industry.
Decreases in sales could mean that Canadian companies may be looking for cheap storage in Toronto to keep their excess inventory. Consumer spending must pick up in order to make sure the economy in Canada is able to recover.
"The surprise drop in June sales was broad-based, suggesting households are becoming a little more cautious, though cross-border shopping may have played a role as well," BMO Capital Markets senior economist Benjamin Reitzes wrote in a note to clients. "The constant haranguing by policymakers urging households to borrow more cautiously, along with slowing job growth, has prompted some restraint."
The actual drop in sales from May to June was 0.4 percent in Canada, while experts believed retail sales would grow 0.1 percent. Despite the decrease in sales, overall retail sales in June were 1.7 percent higher than the previous year.
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