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- Canada’s retail sales decline in line with expectations in March
Canada’s retail sales decline in line with expectations in March
Statistics
Canada reported on Friday that the Canadian retail sales tumbled 10.0 percent
m-o-m at CAD47.07 billion in March, following a revised 0.4 percent m-o-m
advance in February (originally a 0.3 percent m-o-m gain). That was the largest monthly drop on record.
Economists had
forecast a 10.0 percent m-o-m plunge for March.
According to
the report, the March decrease was led by record declines at motor vehicle and
parts dealers (-35.6 percent m-o-m), clothing and clothing accessories stores (-51.3
percent m-o-m) and gasoline stations (-19.8 percent m-o-m). At the same time, sales
at food and beverage (+22.8 percent m-o-m) and general merchandise (+6.4 percent
m-o-m) stores rose to the highest level on record and posted their largest
monthly gain since the beginning of the series.
Overall, sales were down in 6 of 11 subsectors,
representing 39.2 percent of retail trade, as many Canadian retailers shut down
operations mid-month, curtailed hours and customer flow in the stores that
remained open due to coronavirus pandemic.
In y-o-y terms, Canadian retail sales fell 8.4 percent in March, following a revised 3.1 percent surge in February (originally, a 3.0 percent advance). That was the largest drop in retail trade on record.
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