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- Canada’s retail sales rise much more than forecast in September
Canada’s retail sales rise much more than forecast in September
Statistics
Canada announced on Friday that the Canadian retail sales surged 1.1 percent
m-o-m to CAD53.87 billion in September, following an upwardly revised 0.5
percent m-o-m gain in August (originally a 0.4 percent m-o-m advance).
Economists had
forecast a 0.2 percent m-o-m increase for September.
According to
the report, sales increased in 9 of 11 subsectors in September, accounting for 93.2
percent of total retail sales. The motor vehicle and parts dealers subsector
contributed the most to the sales advance in September, climbing 1.5 percent
m-o-m. Excluding motor vehicle and parts dealers, retail sales grew 1.0 percent
m-o-m in September compared to an unrevised 0.5 percent m-o-m gain in August
and economists’ forecast for a 0.2 percent m-o-m rise.
Meanwhile, core
retail sales, which excludes gasoline stations and motor vehicle and parts
dealers, rose 1.1 percent m-o-m in September after advancing 0.4 percent m-o-m
in August, bolstered by higher sales at general merchandise stores (+1.8 percent
m-o-m) and food and beverage stores (+0.9 percent m-o-m).
In y-o-y terms,
Canadian retail sales climbed 4.6 percent in September, following a revised 3.7
percent increase in August (originally a 3.5 percent surge).
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