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MNI: Canadian Oct Retail Sales Rise For Fourth Straight Month

Policy NewsHomepageCanadaStoryNorth America

Canadian retail sales advanced a fourth straight month in October, showing a consistent pickup since the central bank began cutting interest rates in June.

Sales climbed 0.7% in September, according to Statistics Canada's flash estimate published Friday from Ottawa. 

The agency's official reading for September rose 0.4% in line with an economist consensus. The gain was led by food and beverage and building materials. Sales increased in six of nine major categories, and there were declines in gasoline and autos. 

The volume of sales that strip out price increases and better reflect GDP increased 0.8% in September. Excluding autos, sales rose 0.9%, beating consensus for a 0.5% increase.

The September sales increase brought the third quarter gain to 0.9%, or 1.3% volume-wise. 

The Bank of Canada has cut interest rates four times since June and investors predict another move at the next meeting on Dec. 11 as inflation stabilizes and slack remains in the economy. Officials have said how fast they move largely depends on risks around household spending and finances. 

Sales may get a boost in coming months after Prime Minister Justin Trudeau's announcement Thursday that there would be a temporary removal of federal sales tax and a one-time $250 rebate to more than 18 million Canadians. 

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Canadian retail sales advanced a fourth straight month in October, showing a consistent pickup since the central bank began cutting interest rates in June.

Sales climbed 0.7% in September, according to Statistics Canada's flash estimate published Friday from Ottawa. 

The agency's official reading for September rose 0.4% in line with an economist consensus. The gain was led by food and beverage and building materials. Sales increased in six of nine major categories, and there were declines in gasoline and autos. 

The volume of sales that strip out price increases and better reflect GDP increased 0.8% in September. Excluding autos, sales rose 0.9%, beating consensus for a 0.5% increase.

The September sales increase brought the third quarter gain to 0.9%, or 1.3% volume-wise. 

The Bank of Canada has cut interest rates four times since June and investors predict another move at the next meeting on Dec. 11 as inflation stabilizes and slack remains in the economy. Officials have said how fast they move largely depends on risks around household spending and finances. 

Sales may get a boost in coming months after Prime Minister Justin Trudeau's announcement Thursday that there would be a temporary removal of federal sales tax and a one-time $250 rebate to more than 18 million Canadians.