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- Canada’s retail sales increase more than expected in February
Canada’s retail sales increase more than expected in February
Statistics
Canada announced on Wednesday that the Canadian retail sales jumped 4.8 percent
m-o-m to CAD55.08 billion in February, following an unrevised 1.1 percent m-o-m
drop in January.
This marked the first monthly increase retail sales since November 2020.
Economists
had forecast a 4.0 percent m-o-m gain for February.
According
to the report, sales decreased in 9 of 11 subsectors in February, led
by higher sales at motor-vehicle and parts dealers (+5.0 percent m-o-m) and
gasoline stations (+12.3 percent m-o-m, the largest increase since June 2020). Excluding
motor vehicle and parts dealers, retail sales also rose 4.8 percent m-o-m in February
compared to a 1.2 percent m-o-m fall in January and economists’ forecast for a 3.7
percent m-o-m climb. Meanwhile, core retail sales, which excludes gasoline
stations and motor vehicle and parts dealers, grew 3.8 percent m-o-m in February, driven
by higher sales at general merchandise stores (+6.1 percent m-o-m) and clothing
and clothing accessories stores (+23.7 percent m-o-m, 23.7%, the first gain
since September 2020).
In
y-o-y terms, Canadian retail sales climbed 6.0 percent in February, following an
unrevised 1.3 percent advance in January.
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