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Signs of Stabilization Emerging Across Consumer Spending and CRE
Households remain cautious. Retail sales increased 0.5 per cent month-over-month, driven largely by a 5.1 per cent gain at gasoline stations and fuel vendors. Higher prices stemming from the conflict in the Middle East were the main driver of the increase in receipts. Sales also rose at motor vehicle dealers, building material and garden equipment stores, and furniture and appliance retailers, with the latter two potentially reflecting improved housing market activity. These gains were partially offset by weaker spending on food and beverages, general merchandise, and sporting goods. After adjusting for inflation, retail sales volumes were unchanged, indicating that underlying consumer demand remained relatively soft despite the headline increase amid lingering uncertainties.