-
Canada Retailers Post Unexpected Sales Drop in July on Gasoline
Canadian retailers unexpectedly posted lower sales in July, led by declines at gasoline stations as prices fell. Sales dropped 0.6 percent to C$34.2 billion ($32 billion), Statistics Canada said today in Ottawa. Economists expected a 0.7 percent increase in July, based on the median of 20 estimates compiled by Bloomberg News. The data suggest consumer spending is recovering slowly from the country’s first recession since 1992 as the jobless rate rises. Canada’s unemployment rate was 8.7 percent in August, the highest since January 1998. Prime Minister Stephen Harper said yesterday the country probably remains in ... (full story)