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Statistics Canada Reporting Slight Bump in Retail Sales in May

Retail spending rose by 0.2 percent last month

Canadian shoppers put the brakes on spending in May. 

According to Statistics Canada, retail sales rose by 0.2 percent, to $66 billion.

This is down from initial estimates of 0.5 percent.

The slight gain was driven by profits at grocery stores and new car dealers.

The agency is also predicting the status quo for June.

One big bank economist says as interest rates work their way through the economy, the Bank of Canada expects household spending to slow down over the course of the next year.
 

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