Canadian consumer spending continued to fall in June

Canadian consumers are likely to have cut back on spending in June, following a significant drop in spending in May, pointing to a weak first half of the year for the country’s retail sales.
According to a preliminary estimate released by Statistics Canada on Friday, retail receipts fell 0.3% in June. That followed a 0.8% drop in May, which exceeded the 0.6% decline expected in a Bloomberg survey. April’s 0.6% increase was the only monthly sales gain so far this year.