Retail sales in Canada rebounded in Jan 2022

25 November 2021, Mumbai:

Retail sales in Canada rebounded in January, exceeding predictions, as buyers visited auto dealerships and home improvement stores, according to government data released on Friday. However, retail sales in February are expected to fall.

According to Statistics Canada, retail sales grew 3.2 percent to C$58.94 billion ($46.7 billion) in January, owing to greater purchases of automobiles and components.

Analysts had predicted a rise of 2.4 percent on average. According to a preliminary estimate from Statscan, retail sales in February decreased by 0.5 percent.

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In January, sales climbed in nine of eleven subsectors, accounting for 85.5 percent of total retail sales.

Retail sales increased by 2.9 percent in volume.

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In a report, Avery Shenfeld, chief economist at CIBC Capital Markets, said, "It was a joyful new year for Canadian merchants in January, as Canadians compensated for the anguish of fresh pandemic restrictions by doing a lot of shopping."

According to Statscan, the predicted fall in February was based on replies from 36.6 percent of enterprises questioned.

Over the previous 12 months, the average final response rate for the survey was 89.9%.

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CREDITS: Reuters & Fashion Network (The news article has not been edited by DFU Publications staff).