Retail Sales in Canada Reverse Gains in April Amid Lockdowns
(Bloomberg) -- 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.
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