Statistics Canada released retail sales data on Thursday. Canadian retail sales rose by 0.5% in August, exceeding expectations for a 0.1% gain, after a 0.6% increase in July. July's figure was revised up from a 0.5% gain.

The rise was driven by higher sales at motor vehicle and parts sales. Motor vehicle and parts sales rose 2.0% in August.

Sales at gasoline stations declined 0.6% in August, while sales at furniture and home furnishings stores climbed 3.0%.

Sales at food and beverage stores were up 0.5% in August.

Sales rose in 4 of 11 subsectors.

Canadian retail sales excluding automobiles were flat in August, missing expectations for a 0.1% rise, after a flat reading in July.