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Canada retail sales dropped -0.6% mom in Jul, estimated to rebound in August

Canada retail sales dropped -0.6% to CAD 55.8B in July, better than expectation of -1.2% mom fall. That’s the third decrease in four months, driven by lower sales at food and beverage stores (-3.4%) and building material and garden equipment and supplies dealers (-7.3%). Sales decreased in 5 of 11 subsectors. Based on advance estimates, sales rose 2.1% mom in August.

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