June retail sales in Canada rose above expectations, lifted by auto sales, but the overall trend in consumer spending remained subdued, suggesting that the economy is not firing on all cylinders..
Headline retail sales climbed 1.1% in June from May on a seasonally adjusted basis, slightly ahead of forecasts for a 1.0% increase. In May, retail sales had fallen by 0.2%..
Sales at motor vehicle and parts dealers jumped 3.7% in June, adding 0.6 percentage points to the overall gain. Excluding autos, retail sales rose by a more modest 0.5%..
Economists say the June sales figures provide only a modest boost to the outlook for the economy in the second quarter, which had been hurt by a strike at Canadian National Railway Co. (CNR.TO) and weak exports..
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