It appears that Canada’s retail trade has moderately rebounded in May, following the lifting of many government-mandated restrictions which were imposed back in March.
The month of February saw the highest amount of retail trade sales in a span of two years; however, the coronavirus pandemic quickly shifted the momentum. In March, when governments began imposing coronavirus restrictions across the country and urged Canadians to stay at home in order to mitigate the spread of the virus, retail trade suddenly fell by more than 10%, resulting in a loss of nearly $5 billion since the previous month.
April was much the same, with losses continuing to mount. Retail trade sales fell by nearly 25% since the prior month, and declined by a staggering 33% since February. However, as restrictions began lifting in May and many consumers ventured out of their homes, Canada’s retail trade sector took a breath of relief. The month of May saw an increase of $6.57 billion dollars in retail trade sales over the prior month, but were still 20% below February’s pre-pandemic levels.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.