Retail sales in Canada rebounded after falling earlier in the summer months, a reassuring sign that consumers continue to spend.
The value of receipts rose 2.1% in August, according to preliminary results provided by Statistics Canada on Thursday in Ottawa. That more than offset a 0.6% decline in July. Retail sales are still below the record monthly total reached in March, but are well ahead of pre-pandemic levels.
August retail sales were at about CA$57 billion, according to Bloomberg calculations. That compares to an average monthly total of CA$55.2 billion between April and July for retailers, when sales stalled.
Some economists suggested the spending pause over the summer was due to reopenings that shifted consumer activity toward services businesses like restaurants and gyms.
Source: Bloomberg News