Retail sales in Canada were virtually unchanged in March at $60.1 billion as sales at new car dealers fell, offsetting gains elsewhere as consumers showed a willingness to keep spending, Statistics Canada reported Thursday.
Retail sales in Canada were virtually unchanged in March at $60.1 billion as sales at new car dealers fell, offsetting gains elsewhere as consumers showed a willingness to keep spending,The result compared with the federal agency's initial estimate for the month that suggested sales rose 1.4 per cent. The preliminary estimate for April suggests retail sales rose 0.8 per cent for the month, but the agency cautioned the figure will be revised.
"A lack of supply, as chip shortages hamper production, continues to weigh on vehicle sales," Benjamin Reitzes, managing director of Canadian rates and macro strategist with BMO Capital Markets, said in a client note.Sales at gasoline stations rose 7.4 per cent in March. "Within that core breakdown, the increase was led by higher sales of building material," Karyne Charbonneau, executive director of economics with CIBC Capital Markets, said in a client note.
Consumer enthusiasm could wane in the months ahead as higher interest rates ripple through the economy, he added."However, that gain entirely reflects inflationary pressures, with the volume of sales falling 5.1 per cent relative to March 2021," she said.
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