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Free AccessMNI DATA REACT: Canada April Flash Retails -15.6%, March -10%
By Greg Quinn
OTTAWA (MNI) - Canadian retail sales dropped a record 15.6% in April
according to a flash estimate, following a 10% fall in March led by auto sales
as health officials shut businesses to control the coronavirus.
Statistics Canada said it provided the April figure "given the rapidly
evolving economic situation," and warned that "owing to its preliminary nature,
this figure should be expected to be revised." It didn't break out further
details by industry.
The March decline is the biggest on record and sales of CAD47.1 billion are
the lowest since November 2016. Statistics Canada said the decline is comparable
to the 7.1% fall recorded in the U.S. for March.
Auto dealer sales dropped 36% in March and gasoline receipts by 20% as
prices plunged due to a global supply glut. The volume of gasoline sold fell
just 1.8%.
--SHUTDOWNS
Four in 10 stores closed in March with an average shutdown of five business
days, Statistics Canada said Friday from Ottawa. Clothing stores were hardest
hit as sales fell 51% as with nine in 10 of those stores closed for an average
of 13 days.
The declines were somewhat narrow, covering six in 11 subsectors worth 39%
of the industry's total sales. Food and beverage stores saw sales jump 23% in
March, and other retailers may been able to stem their losses by expanding
online operations.
Bank of Canada Governor Stephen Poloz told reporters Thursday that a
best-case scenario where the economy re-opens quickly and moves back to normal
without much permanent damage is still within reach, citing reports of consumers
eager to line up at stores as soon as they re-open. Poloz retires in early June
and advised that policymakers be patient in removing measures to sustain the
economy.
--MNI Ottawa Bureau; +1 613-314-9647; email: greg.quinn@marketnews.com
[TOPICS: MACDS$,M$C$$$]
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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.