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Headline Retail Sales Dive in Canada, But Core Sales Hold Up
The retail sales report for March from Canada was released a while ago. Last year, retail sales were sort of volatile, turning positive and negative from month to month. But, with the lock-down due to the coronavirus, everything has one downhill all across the globe. Sales posted a massive decline for March, but the core sales only posted a small decline. Below is the retail sales report for March:
Canada March Retail Sales Data
- February core sales was +0.3%
- First decline in five months
- Ex autos -0.4% vs -4.8% expected
- Reports says “about 40% of retailers closed their doors during March”
- Retail e-commerce +16.3%
- Motor vehicle and parts dealers -35.6%
- Food and beverage +22.8%
- Statistics Canada estimates that April retail sales fell 15.6%
The ex-autos headline was much stronger than anticipated but March is ancient history at this point and I don’t think it matters. Canadians reacted to the pandemic about the same as everyone else. The E-commerce and the food and beverage sales increased considerably. Although, the estimates for April are much worse, as the last pointer shows, so the worst is yet to come.
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