Retail Sales Soften in Canada, As the Economy Heads to Another Recession Probably
Canadian retail sales are heading down again and should decline in next month's report
Skerdian Meta•Friday, December 18, 2020•1 min read
The Canadian economy bounced nicely after the recession in Q2, brought to you by the lock-downs. During summer the situation reversed, as the country reopened and retail sales posted some strong numbers, but they are fading as the autumn reports come out.
Headline sales cooled off to 0.4% in October as today’s report showed, while the core sales fell flat at 0%. So, they are cooling off and should turn negative in the coming months, as the restrictions due to the coronavirus increase again in Canada. USD/CAS is retracing higher, after the sales report came out.
Canada October Retail Sales Report
- October retail sales 0.4% vs. 0.0% estimated
- September sales were 1.1%, revised to 1.9%
- Core retail sales excluding auto 0.0% vs 0.1% estimated
- Previous core sales were 1.0%, revised to 1.9%
- 6 straight increases
- Gains were led by motor vehicle and parts dealers
- Core sales saw Sporting goods, hobby and book and music store sales increased 11.8%, Furniture and home furnishings rose 6.6%, building materials and garden equip rose 2.9%
- Sales were up in 6 of 11 sub-sectors representing 50.9% of the retail trade
- Volume terms saw sales increase 0.2% in October.
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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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