Canadian Retail Sales Rise Less Than Expected In March
Canadian Retail Sales Rise Less Than Expected In March
Canadian retail sales rose less than expected in March at a 0.1 percent clip, following a 0.8 percent drop during the month prior. A breakdown of the index shows that purchases at gas stations led the increase, though this may be more the result of surging gasoline prices during the month, as this index is not adjusted for inflation. A further look at the index shows a contraction in building supply sales, signaling weakness in the Canadian house sector, and in clothing sales. Overall, this report suggests that consumption in Canada is starting to take a hit, as rocketing energy and food prices take a bit out of disposible income.
However, according to Statistics Canada, “the strong rise in January led to a 1.8 percent increase in retail sales in the first quarter of 2008, a growth rate similar to that of the previous quarter.” As a result, this should help to support first quarter GDP readings next week, though it is clear that expansion is very likely to slow going forward.
DailyFX
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