RTRS: UPDATE 1-Canada August retail sales drop 0.3 pct on autos
OTTAWA, Oct 22 (Reuters) - Canadian retail sales in August dropped for the first time in six months, slipping by 0.3 percent from July on lower sales in the automotive sector, Statistics Canada said on Wednesday.
Market analysts had on average forecast a 0.2 percent fall in the August figure. It was the first month-on-month decline since the 0.3 percent decline in February.
The automotive sector dropped by 1.8 percent, largely due to a 3.7 percent drop in sales at gasoline stations. Since September 2007 sales at gasoline stations had grown by 27.0 percent, thanks to high gas prices.
Excluding the entire auto sector, retail sales rose by 0.4 percent. When sales of new car dealers, used and recreational motor vehicles and parts dealers were excluded, sales dropped by 0.3 percent in August from July.
Five of the eight sectors reported growth, led by a 0.8 percent increase in general merchandise stores and a 0.7 percent rise in food and beverage stores. (Reporting by David Ljunggren)
