Statistics Canada says retail sales down 0.1 per cent at $66.1 billion in August

The Bank of Canada will likely pause in the next meeting: Economist Tiffany Wilding, managing director and North American economist at PIMCO, joins BNN Bloomberd to talk about the U.S. retail sales report and excess savings. She also discusses inflation rates in the U.S. and Canada.

OTTAWA — Statistics Canada says retail sales fell 0.1 per cent to $66.1 billion in August as sales at new and used car dealers fell for the month.

The agency also says its early estimates suggest retail sales were unchanged in September, though it cautioned the reading would be revised.

For August, sales at motor vehicle and parts dealers fell 0.9 per cent as sales at new car dealers dropped 1.1 per cent and used car dealers declined 0.5 per cent.

Statistics Canada says core retail sales -- which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers -- fell 0.3 per cent in August.

Sales at food and beverage retailers fell 1.2 per cent, while sales at sporting goods, hobby, musical instrument, book and miscellaneous retailers dropped 1.1 per cent.

In volume terms, overall retail sales fell 0.7 per cent in August.

This report by The Canadian Press was first published Oct. 20, 2023.