Canada's July Retail Sales Drop 0.8%, but Rebound Likely in August
Canada recorded a widely anticipated drop in retail sales in July as purchases across a broad range of products dropped, data from the national statistics agency showed on Friday, with consumers spending less for clothing and groceries.
Retail sales for July were down 0.8% to C$69.6 billion ($50.36 billion), Statistics Canada said, giving up most of the previous month's gains.
June retail sales increased by a revised 1.6%, StatsCan said, while an advanced indicator suggests that retail sales growth is likely to rebound to 1% in August...
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