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Retail sales unexpectedly fall on broad weakness

Tags: Retail

Canadian retail trade in June expectedly dropped by 0.4 percent from May on weaker sales in stores, gas stations and auto dealers, Statistics Canada data indicated on Wednesday.

The figures are the latest to suggest that consumer spending -- one of the main supports for the Canadian economy since the 2008 crisis -- is slowing down. Market operators had predicted a 0.1-percent month-on-month increase.

Falls were reported in seven of the 11 subsectors, representing 64 percent of retail sales. Sales volume dropped by 0.1 percent.

General merchandise store receipts were down 1.5 percent, in part due to store closures. Gas station sales fell by 1.3 percent on lower prices, while sales at motor vehicles and parts dealers dropped by 0.4 percent.

Stripping out sales by motor vehicles and parts dealers, retail sales fell by 0.4 percent. Overall retail sales were 1.7 percent higher than in June 2011. CTV Two CTV News CTV News Channel BNN - Business News Network CP24