Statistics Canada announced on Thursday that the Canadian retail sales decreased 0.6 percent m-o-m to CAD55.80 billion in July, following a revised 6.0 percent m-o-m jump in June (originally a 4.2 percent m-o-m surge).

Economists had forecast a 1.2 percent m-o-m decrease for July.

According to the report, sales went down in 5 of 11 subsectors in July, accounting for 38.7 percent of total retail sales, led by lower sales at food and beverage stores (-3.4 percent m-o-m) and building material and garden equipment and supplies dealers (-7.3 percent m-o-m). 

Core retail sales, which excludes gasoline stations and motor vehicle and parts dealers, fell 1.3 percent m-o-m in July.

In y-o-y terms, Canadian retail sales grew 5.3 percent in July, following an unrevised 6.2 percent jump in June.