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Canada’s Retail Sales Rose 0.7% In April

Canada’s retail sales in April rose 0.7% following a decline in March of this year.

Preliminary data from Statistics Canada showed that retail sales in April rebounded from a 0.2% decline in March to $66.4 billion.

Canadian shoppers spent less on home furnishings, electronics, and appliances during the month of March as they continue to reign in discretionary spending amid high interest rates.

Statistics Canada said retail sales in March declined in seven of nine subsectors.

In addition to furniture and electronics, sales at clothing, shoes, jewelry, luggage, and leather goods stores dropped 1.6% during March.

Helping to partially offset the decline were retail sales at motor vehicle and parts dealers that gained 1% in March.

Core retail sales that exclude gasoline stations and fuel vendors fell 0.6%. In volume terms, overall retail sales fell 0.4% in March.

The Bank of Canada's next interest rate decision is set for June 5. A majority of futures traders expect the central bank to cut interest rates by 25 basis points at that June meeting.