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“I am a Canadian, free to speak without fear, free to worship in my own way, free to stand for what I think right, free to oppose what I believe wrong, or free to choose those who shall govern my country. This heritage of freedom I pledge to uphold for myself and all mankind.” ~~ John G. Diefenbaker

Data points: Retail spending reveals that our economy is slowing somewhat (The ORCA)


Canadian retail spending growth remained listless in June with a 0.1-per-cent month-to-month gain to reach $65.9 billion.

 

Higher auto-related sales helped but year-over-year sales were down 0.6 per cent. Adjusted for retail prices, real sales fell 0.2 per cent, adding to evidence that the economy is indeed slowing.

 

That said, this was good news for households being pummelled by interest rate hikes, as softer economic data supports the case for an interest rate pause in September. Cumulative rate hikes continue to work through the economy to stifle excess demand. Nonetheless, it is still early in the slowdown as estimates provided by Statistics Canada for July suggest retail sales rebounded 0.4 per cent during the month ...


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