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Retail sales dip in July

Figures released this morning by Statistics Canada show retail sales slipped 0.1% in July to $42.5 billion, contrary to economists' consensus for a gain of 0.5%.

The drop follows six consecutive monthly increases.

The agency says sales declined in five of 11 sub-sectors, representing 55% of retail trade.

Sales at general merchandise stores decreased 2.7%, while sales at supermarkets and grocery stores were down 1.1%

Motor vehicle and parts dealers saw sales grow by 1.6%, the third increases in four months.

Retail sales were down in four provinces in July, with lower sales in Quebec and, to a lesser extent, British Columbia, accounting for most of the decrease.