Canadian Retail Sales Decrease Across Most Regions

By: Tomas Ronolski - AllPennyStocks.com News

Friday, May 19, 2023

Canadian retail sales declined 1.4 percent in March from February, inline with expectations. The print was down across five of the nine subsectors and led by automotive categories —motor vehicles and parts dealers were 4.4 percent lower, while gasoline stations and fuel vendors fell 3.9 percent year over year. With the automotive categories removed, core retail sales increased 0.3 percent for the month.

As the weather turns warmer, building material and garden equipment supplies advanced as did sporting goods and miscellaneous retailers. The retail e-commerce category continued to climb, up 2.2 percent for March.

By region retail sales declined across nine provinces, with Ontario posting the largest drop and only British Columbia showing an increase. Based on surveys, Statistics Canada estimated that April sales will reverse course and increase by 0.2 percent, however the print is subject to revision.

Retail sales track consumer demand for finished goods and are analyzed by economists and policyholders as an indicator of an economy’s expansion or contraction.

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