Canada reported on Friday that the Canadian retail sales edged down 0.1 percent
m-o-m to CAD51.46 billion in May, following a revised 0.2 percent m-o-m gain in
April (originally a 0.1 percent m-o-m increase). That marked the first monthly decrease
in retail sales since January.
The result was below economists’ forecast, suggesting a 0.3 percent m-o-m advance for May.
According to the report, sales declined in 4 of 11 subsectors, representing 39 percent of retail trade.
The May drop was primarily attributable to lower sales at food and beverage stores (-2.0 percent m-o-m).
Excluding motor vehicle and parts dealers, retail sales fell 0.3 percent m-o-m in May compared to an unrevised 0.1 percent m-o-m gain in April and economists’ forecast of a 0.4 percent m-o-m rise.
In y-o-y terms, Canadian retail sales jumped 1.0 percent in May, following an unrevised 3.7 percent jump in April. That was the smallest annual increase in retail trade since January.
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