Canadian retail sales edged upward in September but fell well short of market expectations, setting the stage for a significant slowdown in economic growth in the third quarter after a strong first half of the year.
The value of Canadian retail sales in September advanced 0.1% on a seasonally adjusted basis to 49.06 billion Canadian dollars ($38.54 billion), Statistics Canada said Thursday. Market expectations were for a 0.9% gain, according to economists at Royal Bank of Canada.
On a volume, or price-adjusted, basis, retail sales fell 0.6% in September, or the biggest such decline in nine months.
On a year-over-year basis, nominal retail sales rose 6.2%.
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(END) Dow Jones Newswires
November 23, 2017 08:45 ET (13:45 GMT)