Ekonomické zprávy
19.07.2024

Canada’s retail sales decline more than predicted in May

The data, issued by Statistics Canada on Friday, showed that Canadian retail sales declined 0.8 per cent m-o-m to CAD66.13 billion in May, following a downwardly revised 0.6 per cent m-o-m increase (from +0.7 per cent m-o-m) in April. This marked the steepest monthly drop in retail sales since March 2023 (-1.4 per cent m-o-m).

Economists had predicted a fall of 0.6 per cent m-o-m for May.

According to the report, 8 of 9 subsectors demonstrated decreases in retail sales in May, led by building material and garden equipment and supplies dealers (-2.7 per cent m-o-m), food and beverage retailers (-1.9 per cent m-o-m) and clothing, clothing accessories, shoes, jewellery, luggage and leather goods retailers (-1.5 per cent m-o-m). Meanwhile, motor vehicle and parts dealers (+0.8 per cent m-o-m) was the only sector that showed an advance in retail sales in May.

Excluding auto, retail sales plunged 1.3 per cent m-o-m in May after a downwardly revised 1.7 per cent m-o-m climb (from +1.8 per cent m-o-m) in the previous month, being much worse than economists’ forecast of a 0.5 per cent fall.

In y-o-y terms, Canadian retail sales were up 1.0 per cent in May, following a downwardly revised 1.5 per cent soar (from +1.8 per cent) in the previous month.

Statistics Canada also noted its preliminary estimates suggest that Canada’s retail sales fell 0.3 per cent m-o-m in June.

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