- Details
- Category: Business
- Published on Wednesday, 22 August 2012 17:09
- Written by CBC.ca
- Hits: 10
Canadian retail sales widely missed expectations during June.
Statistics Canada says sales declined 0.4 per cent to $38.7 billion, more than offsetting a gain in May.
Economists had expected sales to rise by 0.1 per cent during June.
The federal government increased the amount that Canadians are allowed to bring back into the country before paying duty in June. On Tuesday, the data agency said overnight trips to the U.S. rose 7.5 per cent in June compared to May to the highest level since 1972.
It's not yet clear how much of a factor cross-border shopping may have been in the June decline in retail sales.
The agency said that general merchandise store receipts fell by 1.05 per cent with store closures contributing to lower sales at department stores.
Sales at motor vehicle and parts dealers decreased 0.4 per cent.
It also says that retail sales decreased most in Alberta after reporting the largest increase in May.
With files from CBC NewsFG_AUTHORS: CBC.ca
Source: http://www.newstand247.com/business-news/40370-retail-sales-unexpectedly-decline-in-june
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