Canadian New Motor Vehicle Sales Fall Less than Expected

New Motor Vehicle sales fell significantly through the month of July, printing its worst performance since the January to February tumble. The tumble actually came on fast-falling overseas demand, which fell 3.4 percent following seven months of consecutive gains. Such a positive trend diminishes the significance of a one month deterioration in sales, as the 3-month annualized figure remains at a wopping 20.4 percent through the same reporting period. Indeed, the July plummet in sales was actually modestly better than forecasts of a -3.0% change. Selling trends remain positive, but it will be important to watch whether domestic and international consumers will be able to support previously robust demand?