Weekly Economic Watch
The National Bank of Canada | Jun 28, 2016 03:47AM ET
Canada – In April, retail trade jumped a consensustopping 0.9% after the prior month’s growth figure was revised up from -1.0% to -0.8%. Sales advanced in 7 of the 11 subsectors, led by gasoline stations (+6%). Gains were also registered by retailers of furniture and home furnishings, building materials, health and personal care, food and beverages, general merchandise, and miscellaneous items. These more than offset declines for retailers of electronics, sporting goods, clothing, and autos. Excluding autos, sales rose 1.3%. In real terms, overall retail sales grew just 0.1%. On a year-on-year basis, Prince Edward Island led the way (+8.2%) in terms of nominal sales growth, followed by British Columbia (+7.9%), Manitoba (+7.1%), New Brunswick (+6.7%), and Ontario (+5.5%). Alberta (+0.7%) and Saskatchewan (+0.4%) continued to bring up the rear.
The resilient housing market seems to have given retail spending a boost, as evidenced by solid gains in sales of furniture and home furnishings and of building materials. That said, overall nominal gains in April were heavily influenced by higher gasoline prices. Indeed, retail volumes grew just 0.1% in the month.
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