Canada retail sales jump 3.2% in January on auto purchases
BNN Bloomberg
Canadian retailers posted stronger-than-expected revenue gains in January, though business waned in February, according to data from the country’s statistics agency.
Canadian retailers posted stronger-than-expected revenue gains in January, though business waned in February, according to data from the country’s statistics agency.
Sales jumped 3.2 per cent in January, led by a pick-up in auto sales but with broad-based increases across sectors, Statistics Canada said in a release on Friday. That momentum didn’t continue into February, when receipts fell 0.5 per cent, according to preliminary estimates for the month.
Even with the slip in February, the report adds to evidence the economy was relatively resilient at the start of 2022 in the face of COVID-19 restrictions meant to contain the spread of the omicron variant.
Economists were anticipating a 2.4 per cent sales gain in January.
