BRITISH COLUMBIA – Canadian retail sales decreased 2.1 per cent m/m to $53.8 billion on a seasonally-adjusted basis in May. Including the declines in April, sales were down 7.5 per cent from the March peak.
Declines occurred in 8 of 11 retail sectors measured by Statistics Canada, with the largest drops in building material and garden equipment and supplies dealers (-11.3 per cent) and motor vehicle and parts dealers (-2.4 per cent).
The declines in April and May were driven by third-wave restrictions. In May, 5.6 per cent of Canadian retailers reported being closed for at least one business day, up from 5 per cent in April.
Due to the rapidly evolving situation, Statistics Canada is reporting an advanced retail sales figure for June based on just 59.9 per cent of respondents reporting. The agency’s preliminary estimate is for a 4.4 per cent increase in sales in June, erasing more than half of the cumulative drop in April and May.
