(Bloomberg) -- Canadian consumer spending sharply rebounded last month, according to preliminary data, after weaker-than-expected retail sales in the first...
-- Canadian consumer spending sharply rebounded last month, according to preliminary data, after weaker-than-expected retail sales in the first quarter.Receipts for retailers jumped 0.7% in April, the fastest pace since September, according to the advance estimate from Statistics Canada released Friday. That followed a 0.2% drop in March, below expectations for a 0.1% decline in a Bloomberg survey and the statistics agency’s estimate for a flat reading.
“The waning of momentum over the quarter reflects consumer caution as mortgages come up for renewal at higher interest rates, and sales look even worse in per-capita terms, with volumes well below year-ago levels,” Katherine Judge, an economist at Canadian Imperial Bank of Commerce, said in a report to investors.Charles St-Arnaud, chief economist at Alberta Central, said the estimate suggests some strength to start the second quarter, but it will likely prove temporary.
The statistics agency didn’t provide details on the April estimate, which was based on responses from 51% of companies surveyed. The average final response rate for the survey over the previous 12 months was 90.5%. -- Billionaire Barry Sternlicht is convinced the real estate market will rebound with just a bit more time. Many investors in his $10 billion Starwood Real Estate Income Trust aren’t so sure — and want their money back now.
Wall Street rose to modest gains before the open Friday as markets try to claw back some of this week's losses.
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