Discussion posted by: David McNamara
Canadian retail sales plunged for the second month in a row in April, falling 26.4 per cent during the period when the COVID-19 lockdowns were at their peak, according to data from Statistics Canada. The decline is nearly twice as large as the one seen in the U.S. in April, where sales fell 14.7 per cent. It’s also twice as large as what economists had been expecting for Canada. Sales were down in all 11 subsectors for the first time in 27 years, with motor vehicle and parts dealers taking the largest hit. “The drop in April retail sales in Canada was massive – and significantly larger than the 15.6 per cent drop Statistics Canada provided as a preliminary estimate along with the March report,” RBC senior economist Nathan Janzen wrote.