Retail Sales Increase in September in Canada
Canadian retail sales bounced 1.1% higher in September, beating expectations of 0.2%
Skerdian Meta•Friday, November 20, 2020•1 min read
The Canadian economy is slowing again in autumn, after the rebound we saw from May until late summer. But it started to slow in September and October, as the recent data has shown. Although, the retail sales held up well that month, increasing by 1.1%, while core sales increased by 1.0%. But, just like in the UK, this might be the last positive retail sales report for some time, as restrictions increase.
Canada September 2020 retail sales report highlights:
- September retail sales +1.1% m/m vs +0.2% expected
- Fifth consecutive increase
- August sales were +0.4%
- Retail sales ex autos MoM +1.0% vs 0.0% expected
- Prior ex autos +0.5% MoM
- Sales up in 9 of 11 subsectors
- Sales up 22.6% compared to Q2
- Prelim October data suggests sales were largely unchanged
- E-commerce sales up 74.3% YoY
Sales at food and beverage stores were particularly strong but one of the reasons was higher prices for meat, fish, dairy and vegetables. Vehicle sales continued to be strong, rising 1.5% in September and are up 2.5% y/y with trucks particularly strong.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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