Canadian Retail Sales Fell 2.1% in May

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.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

Canadian Mortgage Debt Rises At Fastest Pace Since 2010

Mortgage debt among Canadian households increased at the fastest pace in a decade, amid record-low...

Saturday, February 20, 2021, 11:17:00 AM

Single-Use Plastics Will Be Banned In Canada Beginning This Week

Canada’s ban on the manufacture and import for sale of single-use plastics will come into...

Monday, December 19, 2022, 02:15:00 PM

Heat-flation? Report Says Canadian Government Tried to Rename Inflation to Blame It On Climate Change

Recent reports circulating online have claimed that the Canadian government considered renaming “inflation” to terms...

Tuesday, October 8, 2024, 07:49:48 AM

Canada Halts Funding for Research Connected to Chinese Military and State Security Institutions

Just a few days after Prime Minister Justin Trudeau authorized the United States to shoot...

Wednesday, February 15, 2023, 02:18:00 PM

Canadian Home Sales Set New Record With Increase of 45.6% in September

Canada’s housing market has thus far defied the coronavirus pandemic, and despite many analyst’s projections...

Thursday, October 15, 2020, 12:47:41 PM