Canadian retail sales fell 0.1% to $61.8-billion in November as rising cost of living continued to weigh

While the decrease wasn’t as pronounced as expected – Statistics Canada’s early estimate for the month predicted a 0.5% drop – other measures show a bigger drop

Canadian retail sales edged down in November amid a broad consumer spending pull back as the rising cost of living continued to erode purchasing power.While the decrease wasn’t as pronounced as expected – the agency’s early estimate for the month predicted a 0.5 per cent drop – other measures show a bigger drop.

Core retail sales, which exclude gasoline stations and motor vehicle and parts dealers, dropped 1.1 per cent – the largest decline in 11 months. “Canadian consumers continue to prove resilient in the face of aggressive rate hikes,” BMO economist Shelly Kaushik said in a client note. Meanwhile, retail sales decreased in six of 11 subsectors, representing 47.4 per cent of retail trade, Statistics Canada said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

globeandmail /  🏆 5. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian wholesale sales rose 0.5% month over month in November to $83.8-billionStatistics Canada says wholesale sales were boosted by the motor vehicle and motor vehicle parts and accessories subsector and the machinery, equipment and supplies group
Read more »

Canadian retail sales fell 0.1 per cent to $61.8 billion in NovemberStatistics Canada says retail sales dropped 0.1 per cent to $61.8 billion in November.
Read more »

Canadian retail sales jump, offsetting November losses - BNN BloombergCanadian consumers remained resilient in December, even in the face of elevated inflation and rising interest rates.
Read more »

Canadian-based start-up robotics vending machine lands at YVR – Canadian InvestorCanadian-based start-up robotics vending machine lands at YVR CanadiansInvest
Read more »

Sales of vehicles, parts hit record high in November wholesale data: StatCan - National | Globalnews.caStatistics Canada says wholesale sales were boosted by the motor vehicle and motor vehicle parts and accessories subsector and the machinery, equipment and supplies group.
Read more »

Ottawa sending 200 Canadian-made armoured vehicles as defence minister visits UkraineOTTAWA — Canada is sending another 200 armoured vehicles to help with the defence of Ukraine, Defence Minister Anita Anand announced during a surprise vis
Read more »