Canadian Retail Sales Fall Less Than Forecast in September
Canadian Retail Sales Fall Less Than Forecast in September
(Bloomberg) -- Retail sales fell in September for the first time in three months, though the decline was less than economists had anticipated.
Canadian retailers sold 0.1% fewer goods in the month as consumers spent less on motor vehicles and gasoline, Statistics Canada said Friday in Ottawa. That beat the median forecast in a Bloomberg survey for a 0.3% decline. Excluding motor vehicles, retail sales climbed 0.2%.
In volume terms, which strip out the effects of price changes, September sales dipped 0.1%. Third quarter retail sales climbed 0.5% in volume terms, meaning they will contribute positively to quarterly output.
Key Insights
- Lower new car sales were the largest contributor to the monthly decline, while used car dealer sales were up 3.6% on the month
- The report is one of the final prints for the third quarter before quarterly GDP is released next week. Economists have forecast a deceleration in output to 1.3% from 3.7% in the prior quarter
- September’s sales beat economist expectations for both the headline number and sales excluding autos, reinforcing the Bank of Canada’s view that the consumer remains strong despite global trade tensions
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- Cannabis sales fell 2.4% in September, the first monthly decline since February
- Retail e-commerce sales reached C$1.9 billion ($1.4 billion) in September, accounting for 3.6% of total retail trade.
- August’s print was revised up to 0.1% from -0.1%
--With assistance from Erik Hertzberg.
To contact the reporter on this story: Shelly Hagan in Ottawa at shagan9@bloomberg.net
To contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier
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