BCREA ECONOMICS NOW: Canadian Retail Sales - November 22, 2011
Canadian retail sales jumped 1.0 per cent in September, the fifth increase in the last six months and the largest increase since November 2010. The increase in sales was broad based with 9 out of 11 sectors reporting higher sales. The strong performance in retail sales was driven by the motor-vehicle and parts industry which rose 2.8 per cent from August. Excluding auto-related sales, retail sales were up 0.5 per cent. Retail sales in BC increased 0.2 per cent month-over-month or 2.6 per cent over September 2010.
Provincial retail sales grew at a slightly faster pace in September, but are still running at a much lower rate compared to historical average. We anticipate that a combination of high debt burdens and weak full-time employment growth is likely to keep retail spending relatively low through the end of the year and into 2012.
For more information, please contact:
| Cameron Muir | Brendon Ogmundson |
| Chief Economist | Economist |
| Direct: 604.742.2780 | Direct: 604.742.2796 |
| Mobile: 778.229.1884 | Mobile: 604.505.6793 |
| Email: cmuir@bcrea.bc.ca | Email: bogmundson@bcrea.bc.ca |
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