Canada: Retail Sales Losing Speed

Canada: Retail Sales Losing Speed

Data released on Friday shows that retail sales in Canada grew faster than expected in November. The seven-month positive streak is at risk, with early December data indicating a decline. Analysts at the National Bank of Canada expect some reduction in retail sales in the last month of the year amid deteriorating health conditions.

Important quotes

“The November retail sales report was stronger than expected, with total spending a new all-time high (C $ 55.2 billion, or 5.6% above its prior pandemic). 9 out of 11 retail sub-inspectors included ex-. Above the level of crisis. “

“Some segments continued the impact of the epidemic, namely gas stations (-18.5% vs. February) and clothing (-13.8%).”

“Retailers have been able to rely more on their online sales (which are not counted in retail sales) since the start of the crisis, as they are up 75.9% compared to November 2019.”

Given the declining health spending in December, according to Statistics Canada, given the state of health in many provinces of the country, we expect retail sales.

“Statistics Canada’s preliminary estimate for December indicates a 2.6% decrease in nominal retail sales compared to November.”

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