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Canada July retail and wholesale trade both rise, are now above pre-pandemic levels,,on September 18, 2020 at 8:04 pm
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Canada July retail and wholesale trade both rise, are now above pre-pandemic levels,,on September 18, 2020 at 8:04 pm

OTTAWA — Canadian retail and wholesale

sales both rose in July and were higher than before the

coronavirus pandemic struck, Statistics Canada said on Friday,

pointing to further evidence of a partial economic recovery.

Retail trade rose by 0.6% – less than the 1.0% forecast in a

poll of Reuters analysts – and Statscan said August sales

probably gained 1.1% on the month. Wholesale trade jumped by

4.3% in July, much more than the predicted 2.0% gain.

The increases were much more modest than the 22.7% surge in

retail sales and the 18.8% jump in wholesale sales seen in June

after restrictions imposed to fight the outbreak were removed.

“Retail and wholesale activity just carved out perfect

V-shaped rebounds and that rebound was maintained in August,”

said Doug Porter, chief economist at BMO Capital Markets.

“Now that the pent-up demand has been satisfied in many

See Also

sectors, expect much more subdued (i.e., normal) figures in the

months ahead in the sales data,” he said in a note to clients.

Retail sales grew in six of the 11 subsectors, with motor

vehicles and parts contributing the most. Gas sales also rose.

Excluding those two subsectors, overall sales fell 1.2% on

lower sales at building material and garden equipment and

,Read More

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