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Retail sales up 0.4% in August, less than half of what economists expected

Statistics Canada says retail sales fell 1.8 per cent to $57 billion in December. Graham Hughes/CP

Statistics Canada says retail sales rose 0.4 per cent to $53.2 billion in August.

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It was the fourth consecutive monthly increase for retail sales since a record drop in April, when restrictions related to the novel coronavirus pandemic shuttered most non-essential businesses. But the reading was far below the expectation of economists, who had on average forecast an increase of 1.1 per cent, according to financial data firm Refinitiv.

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Sales at building material and garden equipment and supplies dealers rose 4.5 per cent, while sales at food and beverage stores climbed 0.8 per cent.

READ MORE: Canada’s ‘K-shaped’ recovery spans jobs, debt and housing

Retail sales in volume terms were up 0.5 per cent in August.

The results came as Statistics Canada says a preliminary estimate for September suggests retail sales were relatively unchanged for the month, but added that the figure will be revised.

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