RETAIL, WHOLESALE TRADE NOW ABOVE PRE-PANDEMIC LEVEL

Canadian retail and wholesale sales both rose in July and were higher than before the coronavirus pandemic struck, Statistics Canada said Friday. Retail trade rose by 0.6 per cent — less than the 1.0 per cent forecast in a poll of Reuters analysts — and Statcan said August sales probably gained 1.1 per cent on the month. Wholesale trade jumped by 4.3 per cent in July. The increases were much more modest than the 22.7 per cent surge in retail sales and the 18.8 per cent jump in wholesale sales seen in June after restrictions imposed to fight the outbreak were removed. “Retail and wholesale activity just carved out perfect V-shaped rebounds and that rebound was maintained in August,” said Doug Porter, chief economist at BMO Capital Markets.