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- Canada’s retail sales surge less than anticipated in May
Canada’s retail sales surge less than anticipated in May
Statistics
Canada reported on Tuesday that the Canadian retail sales climbed 18.7 percent
m-o-m to CAD41.79 billion in May, following an unrevised 26.4 percent m-o-m
plunge in April. That was the biggest monthly advance on record.
Economists had
forecast a 20.0 percent m-o-m surge for May.
According to
the report, sales increased in 10 out of 11 subsectors, with the motor vehicle and
parts dealers (+66.3 percent m-o-m, the first gain in three months), general
merchandise stores (+20.4 percent m-o-m) and clothing and clothing accessories
stores (+92.6 percent m-o-m) contributing the most to the May increase.
Excluding motor
vehicle and parts dealers, retail sales rose 10.6 percent m-o-m in May compared
to an unrevised 22.0 percent m-o-m decrease in April and economists’ forecast
for a 12.0 percent m-o-m gain. Excluding motor vehicle and parts dealers and
gasoline stations, retail sales increased 9.9 percent m-o-m in May.
In y-o-y terms,
Canadian retail sales declined 18.4 percent in May, following an unrevised 32.5
percent tumble in April.
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