Retail sales across Canada slumped 2.1% in May, as a number of stores in key regions remained closed due to a third wave of Covid-19.
According to Statistics Canada, retail sales declined to $53.8 billion in May, as sales slumped across 8 of the 11 subsectors. Core retail sales, which do not account for sales at gasoline and motor vehicle and parts dealers, also suffered a decrease in May, falling by 2.4%.
The most significant decrease in retail sales were concentrated across building material and garden equipment and supplies dealers, which suffered their second consecutive month of declines, falling by 11.3% in May. Similarly, motor vehicle and parts stores reported a 2.4% drop in sales.
Conversely, sales at gasoline stations jumped 0.9%, marking the fourth increase in five months. Gasoline prices also rose in May, amid supply chain disruptions at pipelines in the US and output cuts by major oil producing economies. As a result, in volume terms, sales at gasoline stations actually slightly declined 0.1%.
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.