Canada Retail Sales Doubles in September

November 22, 2011 Share Print 3

Canadian retail sales rose twice as fast as economists forecast in September on purchases of new trucks and higher gasoline prices. Sales grew 1 percent to a seasonally adjusted C$38.2 billion ($36.8 billion), the fastest pace since November 2010, Statistics Canada said today in Ottawa. The gain exceeded all
estimates in a Bloomberg survey of 19 economists that had a median growth forecast of 0.5 percent.

The Bank of Canada says consumption will account for more than half of the countryÃ¢â‚¬â„¢s economic growth next year as exporters struggle to deal with weak U.S. and European demand. TodayÃ¢â‚¬â„¢s report is the last major piece of data before Statistics Canada gives its third-quarter growth estimate on Nov. 30. Trucks led the 3.7 percent increase in sales at new car dealers to C$6.81 billion, the statistics agency said in its
report, while gasoline station receipts rose 0.8 percent to C$4.85 billion.

Excluding motor vehicles and parts, sales rose 0.5 percent to C$29.7 billion.

Stats Canada

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Bio
Twitter
Google+
Latest Posts

Dean Popplewell

Vice-President of Market Analysis at MarketPulse

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.