The data, released
by Statistics Canada on Friday, revealed that Canadian retail sales dropped 0.2
per cent m-o-m to CAD66.44 billion in March, following an unrevised 0.1 per cent m-o-m slip in February. This marked the
third straight monthly decrease in retail sales.
Economists
had predicted a flat m-o-m performance in March.
According to
the report, 7 of 9 subsectors posted decreases in retail sales in March.
Sales at furniture, home furnishings, electronics and appliances retailers (-1.6
per cent m-o-m) and clothing, clothing accessories, shoes, jewellery, luggage
and leather goods retailers (-1.6 per cent m-o-m) recorded the largest declines,
followed by sporting goods, hobby, musical instrument, book, and miscellaneous
retailers (-1.5 per cent m-o-m), and health and personal care retailers (-0.9
per cent m-o-m). Meanwhile, building material and garden equipment and supplies
dealers (+1.3 per cent m-o-m) and motor vehicle and parts dealers (+1.3 per
cent m-o-m) registered gains in
retail sales in March.
Excluding auto,
retail sales fell 0.6 per cent m-o-m in March after an upwardly revised 0.2 per cent m-o-m drop (from -0.3 per
cent m-o-m) in the previous month, being much worse than economists’ forecast
of a 0.1 per cent uptick.
In y-o-y terms,
Canadian retail sales surged 1.9 per cent in March, following a downwardly
revised 1.0 per cent jump (from +1.2 per cent) in the previous month.
For the first
quarter of 2024, Canada’s retail sales decreased 0.2 per cent.
Statistics
Canada also revealed its preliminary estimates suggest that Canada’s retail
sales rebounded 0.7 per cent m-o-m
in April.