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Free AccessMNI 5 THINGS: Canada May Retail Sales +2.0%, Top Expectations>
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the May data
on Canadian retail sales released Friday by Statistics Canada:
- ABOVE EXPECTED
Retail sales rose 2.0% in May, twice as much as the 1.0% gain
expected by analysts in a MNI survey. Overall details were strong after
sales were negatively impacted by the weather in April. The upward
revision to April's reading, now down 0.9% instead of the 1.2% drop
initially reported, also reinforced the strength of the report. In
addition, gains were entirely volume related, as real sales were up
2.0%, more than offsetting the previous month's decrease of 1.1%.
- WIDESPREAD GAINS
Gains were widespread across sectors, as sales increased in 8 of 11
categories, representing 70% of retail trade. Advances were also
widespread regionally, with seven provinces reporting higher sales.
-AUTOS RECOVER
Auto and parts sales rebounded 3.7% in May, offsetting their 3.8%
decrease in April that had been impacted by cool temperatures and
inclement weather. Sales excluding autos and parts were up 1.4% on the
month, still better than the 0.5% gain expected by analysts.
-GAS PRICE BOOST
Gasoline receipts were the other major positive contributor, with
sales up 4.3%, following a 1.9% increase the previous month, benefitting
from rising prices. Real sales were still up 2.7%. Sales excluding
gasoline stations recovered 1.7% in May after falling 1.3% in April.
Excluding autos and gas, sales were up 0.9%, more than offsetting the
0.2% decline in April.
-APRIL'S REVERSAL
-On a 12-month basis, total sales increased 3.6% after a 2.1% gain
in April. Sales excluding autos rose 0.8% after edging down 0.3% in
April. Overall, May's performance was partly a reversal of the weather
impact the previous month. However, even when taking that factor into
account, it should provide comfort to the Bank of Canada's confidence,
especially with inflation continuing to firm.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.