1012 ET - Statistics Canada's early estimate on July retail sales -- a 0.8% month-over-month drop -- indicates that consumer strength has waned with gas prices on the upswing, says Thomas Ryan, economist at Capital Economics. Gas prices rose in July following the resumption of U.S. military attacks on Iran. That increase "has already taken the steam out of spending," Ryan says. He adds consumer spending is likely to continue slowing, and should calm any worries among Bank of Canada policymakers about any overheating of the Canadian economy.