Notizie economiche
22.03.2024

Canada’s retail sales drop slightly less than forecast in January

The data, released by Statistics Canada on Friday, revealed that Canadian retail sales declined 0.3 per cent m-o-m to CAD67.01 billion in January 2024, following an unrevised 0.9 per cent m-o-m jump in December 2023. This was the first fall in retail sales in five months. 

Economists had forecast a decline of 0.4 per cent m-o-m in January.

According to the report, 3 of 9 subsectors showed decreases in retail sales in January. Sales at motor vehicle and parts dealers (-2.4 per cent m-o-m) demonstrated the largest decline, followed by food and beverage retailers (-0.9 per cent m-o-m), and clothing, clothing accessories, shoes, jewellery, luggage and leather goods retailers (-0.5 per cent m-o-m). Meanwhile, sporting goods, hobby, musical instrument, book, and miscellaneous retailers (+3.3 per cent m-o-m), building material and garden equipment and supplies dealers (+2.2 per cent m-o-m), and furniture, home furnishings, electronics and appliances retailers (+1.6 per cent m-o-m) posted the biggest advances in retail sales in January. 

Excluding auto, retail sales rose 0.5 per cent m-o-m in January after an unrevised 0.6 per cent m-o-m increase in the previous month, much better than economists’ prediction of a 0.4 per cent m-o-m fall.

In y-o-y terms, Canadian retail sales climbed 0.9 per cent in January, following an unrevised 2.9 per cent surge in the previous month. This marked the seventh straight annual increase in retail sales.

Statistics Canada also said its preliminary estimates suggest that Canada’s retail sales edged up 0.1 per cent m-o-m in February.

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