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National Bank Expects Canadian Retail Sales to Rise 0.4% in June

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Canadian retail sales could still rise 0.4% on the month in June, supported by improving labor market conditions and a resulting increase in aggregate earnings, according to a note from National Bank of Canada Capital Markets.

"The release of the retail sales report for June will be another highlight of the week" after Monday's consumer price index data, wrote the bank in a note.

Previously released auto sales data showed transaction volumes were flat during the month, suggesting car dealerships likely had only a limited impact on the headline figure in June, added National Bank.

Meanwhile, lower pump prices may have weighed on gasoline station sales and the overall reading.

Excluding autos, goods spending is also expected to have risen 0.4% monthly in June, according to the bank.

Statistics Canada is slated to release June retail sales at 8:30 a.m. ET Friday.

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