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Canadian retail sales stronger than expected

FXStreet (London) - Canadian retail sales rose 0.8 percent in September to CAD42.8bn, largely as a result of higher sales at motor vehicle and parts dealers. Retail sales have been on an upward swing since early 2014.

Retail sales exceeded consensus expectations of a 0.5 percent gain.

According to the report from Statistics Canada, gains were reported in 5 of 11 subsectors, representing 59 percent of retail trade. Excluding motor vehicle and parts dealers, sales were essentially unchanged from August.

After removing the effects of price changes, retail sales in volume terms increased 1.0 percent.

The statistical agency reported that a 3.4 percent increase at motor vehicle and parts dealers was the largest sales gain among all subsectors. Sales were up 3.3 percent at new car dealers, on the strength of higher volumes of sales of light trucks. Other motor vehicle dealers, which include retailers of recreational vehicles, motorcycles and boats, continued their recovery from a downturn in early 2014 with a 6.8 percent increase.

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