|
The 1.5 percent increase exceeded economists' forecasts for a
decline of 0.9 percent and was the biggest increase since
January. June's figures were downwardly revised to show a
decrease of 0.6 percent from an initially reported 0.5 percent
decline.
Stripping out the effects of price changes, July volumes were
even stronger, up 2.1 percent, the largest gain since December
2016.
The surprise increase could bolster expectations for July gross
domestic product and offset a decline in manufacturing sales
earlier this week.
Attention will likely turn to Friday's retail sales data to see
how growth at the start of the third quarter is shaping up after
a strong first half of the year.
Sales rose in five out of seven sectors, accounting for 86
percent of total sales. The building material industry led the
way with a 4.8 percent increase, helped by improved sales of
lumber and other building supplies.
Sales rose 2.4 percent in the food, beverage and tobacco sector,
recovering from a decline in the previous month as all three of
the category's industries increased.
The vehicle and parts sector rose 1.4 percent on stronger sales
of vehicles. Auto sales in Canada have been strong so far this
year and could put 2017 on track to hit a record.
(Reporting by Leah Schnurr; Editing by Bernadette Baum)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
