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- Canada’s retail sales rise much more than forecast in November
Canada’s retail sales rise much more than forecast in November
Statistics
Canada announced on Friday that the Canadian retail sales rose 1.3 percent
m-o-m to CAD55.19 billion in November, following
an unrevised 0.4 percent m-o-m advance in October.
Economists had
forecast a 0.1 percent m-o-m uptick for November.
According to
the report, sales increased in 7 of 11 subsectors in November, accounting for 53.4
percent of total retail sales. Sales at food and beverage stores and e-commerce
sales contributed the most to the growth, surging 5.9 percent m-o-m and 2.7
percent m-o-m respectively. Meanwhile, sales at motor vehicle and parts dealers
declined 0.9 percent m-o-m, recording their first monthly drop since April. Excluding
motor vehicle and parts dealers, retail sales jumped 2.1 percent m-o-m in November
compared to a flat m-o-m performance in October and economists’ forecast for a
0.3 percent m-o-m increase. Core retail sales, which excludes gasoline stations
and motor vehicle and parts dealers, increased 2.6 percent m-o-m in November after
advancing 0.3 percent m-o-m in October.
In y-o-y terms,
Canadian retail sales climbed 7.5 percent in November, following a revised 7.3
percent increase in October (originally a 7.5 percent surge).
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