Canadian retail sales fell 0.7% in July to C$73.70 billion, or about US$52.25 billion, as declines at general merchandise retailers, motor vehicle and parts dealers, and food and beverage retailers outweighed an increase in building-material sales. Sales fell in eight of nine sub-sectors and dropped 1.1% in volume terms. Statistics Canada’s advance estimate indicates sales could rebound 1.3% in August. Retail sales are an early indicator of gross domestic product growth and account for about 40% of consumer spending. Katherine Judge, a senior economist at CIBC Capital Markets, said lingering trade uncertainty would weigh on discretionary spending and added that the Bank of Canada would not raise rates in the near term.