Canadian retail sales held back by declines in vehicles and clothing
Recently collated data from Statistics Canada revealed a significantly lower than expected rise in Canadian retail sales in September, as gains from higher gasoline prices were offset by declines in sales of vehicles and clothing.
The 0.1% month-on-month gain came in substantially short of forecasts for a 0.9% rise predicted by analysts.
Sales volumes came in even worse, declining by 0.6% on the month, however data for August's sales number saw an upward revision to a smaller drop of just 0.1% from the originally reported 0.3% decrease.
For the second month in a row, gasoline sales rose in September, up 2.6%, due to supply disruptions as a result of Hurricane Harvey lifting prices at the pump.
However, a 0.5% drop in motor vehicle sales hurt the overall tally as Canadians bought fewer new and used cars for the first time since June.
Excluding vehicles, retail sales grew 0.3%.
A 2.8% decline in clothing and accessories sales also dragged down retail sales as a whole.
In all, sales increased in only five out of eleven sectors.
A strong showing was also put in by retail stores selling home related products, with building material and garden equipment sales jumping 2.6%, and furniture purchases growing 2.3%.