A recent report by Statistics Canada shows more retail sales occurred throughout the country during July than was originally expected.
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The data showed that retail sales increased 0.7 percent to the near record $39 billion during July, ahead of the market expectations of 0.2 percent gain.
"While welcome, we continue to track a flat industry GDP estimate," Mazen Issa, TD Securities analyst told Reuters Canada. "Heading forward, we expect the pace of consumer spending to improve, though it will remain subpar relative to historical standards, suggesting that other sectors of the economy – such as net exports – will need to play a larger role in driving growth."
Wholesale and manufacturing sales fell in July, while Canada posted its largest trade deficit.
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