Canada\u0027s retail sales increased 0.7% in January, gaining on momentum from December when retail sales grew 0.5%. Find out more.
“Some of the resilience in the headline was due to strong auto sales, as improved auto production helped to clear the backlog of orders. Consumers also got some reprieve from financial headwinds at the end of the year, marked by a sizeable drop in gasoline prices,” Ksenia Bushmeneva, an economist at Toronto-Dominion Bank, wrote in a note.Article content
The Bank of Canada will keep an eye on Canadians’ spending as it works to bring down inflation with interest rates. The, Statistics Canada reported on Feb. 21, much slower than the 6.3 per cent gain in December, and evidence that the central bank’s efforts are working, even as the labour market proves resilient. Canadian employers hired more than 200,000 workers in December and January.
Statistics Canada’s retail sales report indicated that building materials suppliers and garden equipment dealers experienced the largest declines among core retail categories. “Sales declined for four consecutive months amidst higher interest rates and deteriorating housing market conditions,” the agency said in the report.Article content
E-commerce sales dropped again from November, down 2.4 per cent year over year and accounted for 6.5 per cent of total retail trade.
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