Canadian retail sales edged up 0.2% in June compared with May, helped by a rise in sales of motor vehicles and auto parts, although the overall trend in the sector remains weak, Statistics Canada said on Thursday. The increase was in line with market expectations. Sales in the motor vehicle and parts subsector jumped 1.6% in June, after falling 1.2% in May. Excluding autos, retail sales declined 0.2% from May, the fourth such decline in the past five months. Overall retail sales were up 0.8% in June compared with the same month last year. Economists say that higher interest rates are weighing on consumer spending. The Bank of Canada has raised its benchmark interest rate by 1.5 percentage points since March, and it is expected to increase it further in the coming months. .
Retail sales in Canada see modest June increase, with autos leading the way
