Yahoo Finance Canada's retail sales fall, missing expectations
Canada’s retail sales fell in February, missing expectations.
Statistics Canada said Wednesday that retail sales decreased 0.1 per cent to $66.7 billion, missing the agency’s early estimate of a 0.1 per cent gain.
Gas stations led the decline, falling 2.2 per cent. Core retail sales, which exclude fuel and motor vehicles and parts, were unchanged.
Retail sales volumes fell 0.3 per cent.
Statistics Canada estimates that sales were unchanged in March, which after January’s 0.3 per cent drop would point to a flat first quarter, which Bloomberg said the weakest pace since the second quarter of 2023.
“Canadians are becoming more cautious about spending as mortgages come up for renewal,” Katherine Judge, an economist with the Canadian Imperial Bank of Commerce, said in a note after the data.
“Overall, this report highlights the weak consumer backdrop in Canada, following a boost at the start of the year from warmer than normal winter weather, and we continue to expect a June rate cut from the Bank of Canada.”
More to come …
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