By Kim Mackrael
OTTAWA – Retail sales in Canada advanced for a sixth consecutive month in October, led by higher sales at motor vehicle and parts dealers.
Retail sales rose 0.4% in October to C $ 54.59 billion, the equivalent of $ 42.92 billion, Statistics Canada said on Friday. Market expectations were for a stable reading, according to Desjardins Securities, and Statistics Canada said last month that it estimates retail sales for October will be relatively unchanged.
In volume, or in price-adjusted terms, October retail sales edged up 0.2% from the previous month.
Meanwhile, the data agency revised September’s retail data to show a 1.9% gain in the month, from an earlier estimate of a 1.1% increase.
Statistics Canada also provided a preliminary estimate of retail sales for November, saying they will likely remain relatively unchanged.
CIBC Capital Markets economist Royce Mendes said the anticipated November retail sales estimate looks disappointing given the strong labor data for that month. But he added that that figure did not include some of the biggest online sellers, who may have gained market share due to the pandemic-related restrictions on in-person purchases. “So the trend for total merchandise purchases could have actually been healthier,” Mendes said.
The October retail sales report showed that sales at motor vehicle and parts dealers were up 1.5% from the previous month, with new car dealers contributing the most to the overall gain . Sales at gasoline stations, meanwhile, fell 2.7% in October, their first decline in six months.
Write to Kim Mackrael at [email protected]
(END) Dow Jones News Wire