The data, released
by Statistics Canada on Friday, revealed that Canadian retail sales declined
0.3 per cent m-o-m to CAD67.01 billion in January 2024, following an unrevised 0.9 per cent m-o-m jump in December 2023. This was the first fall in retail sales in five
months.
Economists
had forecast a decline
of 0.4 per cent m-o-m in January.
According to
the report, 3 of 9 subsectors showed decreases in retail sales in January.
Sales at motor vehicle and parts dealers (-2.4 per cent m-o-m) demonstrated the
largest decline, followed by food and beverage retailers (-0.9 per cent m-o-m),
and clothing, clothing accessories, shoes, jewellery, luggage and leather goods
retailers (-0.5 per cent m-o-m). Meanwhile, sporting goods, hobby, musical
instrument, book, and miscellaneous retailers (+3.3 per cent m-o-m), building
material and garden equipment and supplies dealers (+2.2 per cent m-o-m), and furniture,
home furnishings, electronics and appliances retailers (+1.6 per cent m-o-m) posted
the biggest advances in retail sales in January.
Excluding auto,
retail sales rose 0.5 per cent m-o-m in January after an unrevised 0.6
per cent m-o-m increase in the previous month, much
better than economists’ prediction of a 0.4
per cent m-o-m fall.
In y-o-y terms,
Canadian retail sales climbed 0.9 per cent in January, following an unrevised 2.9 per cent surge in the previous month. This marked
the seventh straight annual increase in retail sales.
Statistics
Canada also said its preliminary estimates suggest that Canada’s retail sales edged
up 0.1 per cent m-o-m in February.