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Canada core retail sales jump 1.2% in May, crush expectations

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Investing.com - Core retail sales in Canada rose significantly more-than-expected in May, while total retail sales figures surged, official data showed on Tuesday.

In a report, Statistics Canada said core retail sales, which exclude automobile sales, rose by a seasonally adjusted 1.2% in May, blowing past expectations for a 0.1% increase.

Core sales fell by 0.2% in April, whose figure was upwardly revised from a previously reported 0.3% decline.

Total retail sales surged by a seasonally adjusted 1.9% in May, crushing estimates for a 0.4% gain, after rising by 0.2% in April.

Following the release of the data, the Canadian dollar spiked against its U.S. counterpart, with USD/CAD shedding 0.28% to trade at 1.0304.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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