Retail sales in Canada dive by 0.8 percent to USD66.1B in May
Date
7/21/2024 3:41:10 AM
(MENAFN) On Friday, Statistics Canada reported a 0.8 percent decline in retail sales for May, bringing the total to USD66.1 billion. This decrease was slightly larger than the market expectation, which had forecast a drop of 0.5 percent. In contrast, retail sales had risen by 0.6 percent in April, highlighting a shift in consumer spending patterns.
The decline in retail sales in May was widespread, affecting eight out of nine subsectors. The most significant drop was observed among food and beverage retailers, which experienced a 1.9 percent decrease in sales. This sector's decline was a major contributor to the overall downturn in retail activity.
The only sector that saw an increase in May was motor vehicle and parts dealers, who reported a 0.8 percent gain in sales. This increase marked the third rise in sales over the past four months for this sector, indicating a relatively strong performance in the automotive retail segment.
Core retail sales, which exclude sales from gasoline stations and motor vehicle and parts dealers, fell by 1.4 percent in May. This decline was more pronounced than the market estimate of a 0.5 percent decrease. The drop in core retail sales follows a 1.2 percent increase in April, reflecting a significant slowdown in spending in key areas beyond automotive and fuel.
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