Canada retail sales grow 0.7 percent in May

Nathan Andrada – Fourth Estate Cooperative Contributor

Ottawa, Canada (4E) – Retail sales growth in Canada slowed down in May, although expanded at a pace that is faster than analysts expected, as sales of new motor vehicles, led by light trucks, reached record high.

Retail sales inched up 0.7 percent to 41.98bn Canadian dollars ($39.10bn) in May, according to Statistics Canada report released Wednesday, resulting to a new record for level of sales. The increase in May surpassed analysts’ estimates for a 0.6 percent gain, according to economists at Royal Bank of Canada.

Retail sales in April were revised upward to a gain of 1.3 percent in the previous month, compared with previous estimate of a 1.1 percent rise.

In terms of sales volume, May retail sales inched up 0.4 percent. On an annual basis, retail sales jumped 4 percent.

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