Retail Sales in Canada Reverse Gains in April Amid Lockdowns

Bookmark

Canadian retail sales hit a snag in April amid a third wave of Covid-19 restrictions.

Receipts fell 5.1% last month after many provinces introduced strict measures to curb virus cases, according to preliminary data from Statistics Canada released Friday. The drop reverses two strong months of gains, including a 3.6% increase in March.

Canadian retailers are likely to remain weak throughout most of May as lockdowns continued. Despite the setback, analysts expect a quick rebound for the economy in June once containment measures have been lifted -- as was the case after previous lockdowns.

Retail sales are still well above pre-pandemic levels, with April figures about 5% above sales numbers in February 2020.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.