Statistics Canada says retail sales down 0.2% in March at $66.4 billion
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 24/05/2024 (806 days ago), so information in it may no longer be current.
OTTAWA – Canadian retail sales slowed in March as shoppers spent less at furniture, home furnishings, electronics and appliances retailers, Statistics Canada said Friday.
The agency said retail sales dropped 0.2 per cent to $66.4 billion in March, however its early estimate for April pointed to an increase of 0.7 per cent for that month.
CIBC senior economist Katherine Judge said Canadian retail sales ended the first quarter on a soft note.
“The waning of momentum over the quarter reflects consumer caution as mortgages come up for renewal at higher interest rates, and is consistent with the Bank of Canada beginning to trim interest rates in June,” Judge wrote in a report.
“The advance estimate for April sales suggested a 0.7 per cent increase, but that will partly reflect a surge in gasoline prices, with real volumes likely to be up by about half that pace, and essentially only just reversing the March decline.”
The Bank of Canada’s next interest rate decision is set for June 5. Governor Tiff Macklem has said it is “with the realm of possibilities” that the central bank could cut rates in June, but that the decision will be based on the economic data.
Statistics Canada said retail sales in March fell in seven of nine subsectors.
Sales at furniture, home furnishings, electronics and appliances retailers fell 1.6 per cent, while sales at clothing, clothing accessories, shoes, jewelry, luggage and leather goods stores also dropped 1.6 per cent.
Retail sales at motor vehicle and parts dealers gained one per cent in March, helped by a 1.1 per cent increase at new car dealers.
Core retail sales — which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers — fell 0.6 per cent.
The only core retail subsector to report an increase in sales was building material and garden equipment and supplies dealers which gained 1.3 per cent.
In volume terms, overall retail sales fell 0.4 per cent in March.
This report by The Canadian Press was first published May 24, 2024.
Note to readers: This is a corrected story. An earlier version incorrectly stated the preliminary estimate for retail sales in April.