Retail sales rose slightly in September. Here’s where consumers spent more
Global News
Statistics Canada says retail sales rose 0.6 per cent to $66.5 billion in September led by increases at motor vehicle and parts dealers.
Statistics Canada says retail sales rose 0.6 per cent to $66.5 billion in September led by increases at motor vehicle and parts dealers.
The agency also says its early estimates suggest retail sales increased 0.8 per cent in October, though it cautioned the estimates would be revised.
For September, sales at motor vehicle and parts dealers rose 1.5 per cent, led by a 2.4 per cent gain in sales at new car dealers, while used car dealers saw a two per cent drop.
Statistics Canada says core retail sales – which exclude gasoline stations, fuel vendors and motor vehicle and parts dealers – fell 0.3 per cent in September.
Sales at food and beverage retailers fell 0.4 per cent, while sales at sporting goods, hobby, musical instrument, book and miscellaneous retailers dropped 1.6 per cent.
In volume terms, overall retail sales increased 0.3 per cent in September.
“Canadian retail sales were firmer than expected in September, though most of the strength was concentrated in autos and gasoline,” Shelly Kaushik, an economist with BMO Economics, said in a note Friday.
“Even so, volumes managed to eke out a small positive for the month. Still, elevated interest rates and mortgage resets still coming, suggest consumers will remain cautious.”
Canada's labour market added roughly 15,000 jobs in October, enough to keep the unemployment rate steady at 6.5 per cent in the month.
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