Date: Retail sales dropped 26.4% in April but likely to rebound in May; Brazil topped 1 million confirmed coronavirus cases
– worse than the 15.6 per cent estimate Statscan issued last month. Between February and April, consumer spending fell by 33.6 per cent, the agency reported today.44.
3 per cent drops at motor vehicle and parts dealers,“April is most obviously cementing its reputation as the worst month for the Canadian economy ever,” one economist said. But, as reopening efforts spread across the country, it’s likely April was the low point for purchases.High-frequency data have shown that economic activity is reviving as restrictions ease.If Statscan’s preliminary estimate is correct, total retail sales in May would still be roughly 20 per cent lower than a year earlier.
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