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Canadian Auto Sales Jump Points to Q3 Consumer Spending Recovery, Scotiabank Says

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Canadian auto sales recorded a strong increase in July, with Desrosiers' measure indicating that sales reached their highest level since February, signaling continued momentum in consumer spending, according to Scotiabank Economics in a note.

The rebound is consistent with expectations that pent-up demand would be released following a period of subdued activity through the winter and early spring, wrote Derek Holt, Scotiabank vice-president and head of capital markets economics, in the note.

The increase provides an early signal of a potential improvement in consumer spending momentum heading into the third quarter, added the bank.

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