Canadian Retail Sales – January 24, 2012

BCREA ECONOMICS NOW – Canadian Retail Sales – January 24, 2012

Canadian retail sales rose for the fourth consecutive month in November, posting an increase of 0.3 per cent. The increase in sales was broad based with 7 out of 11 sectors reporting higher sales.  In volume terms, retail sales rose 0.5 per cent, higher than the increase in nominal sales due to price discounts and incentives offered by retailers in the holiday shopping season. Today’s retail sales report puts our tracking estimate of fourth quarter Canadian GDP growth at about 2 per cent.

BC retail sales grew at 0.3 per cent monthly pace in November, and 2.8 per cent compared to November 2010.  Despite the last two months of relatively strong growth, retail sales in BC  significantly underperformed in 2011, growing at just a 2 per cent pace due to weak labour market conditions and highly indebted households.

For more information, please contact:  Gino Pezzani

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