Andrew Grantham, CIBC Capital Markets economist, says June retail sales rose 0.6% but Statistics Canada’s preliminary estimate shows nominal retail sales down 0.8% MoM in July, suggesting Q2 growth momentum may have stalled into July. Grantham says final July figures could be weaker after gasoline prices rose following the US resumption of strikes on Iran.

2026-08-21

Andrew Grantham, CIBC Capital Markets economist, says June retail sales rose 0.6% but Statistics Canada’s preliminary estimate shows nominal retail sales down 0.8% MoM in July, suggesting Q2 growth momentum may have stalled into July. Grantham says final July figures could be weaker after gasoline prices rose following the US resumption of strikes on Iran.