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Canada Retail Sales Rose 0.7% in November -- Update

01/21/2022 | 09:43am EDT

By Kim Mackrael

OTTAWA--Canadian retail sales rose in November, led by higher sales at gasoline stations, although early estimates suggest that was followed by a decline in December.

Retail sales advanced 0.7% in November to a seasonally adjusted 58.08 billion Canadian dollars, or the equivalent of $46.45 billion, Statistics Canada said Friday. Market consensus was for a 1.2% rise in the month, according to economists at TD Securities.

Excluding motor vehicle and parts dealers, retail sales rose 1.1% in November.

In volume -- or price-adjusted -- terms, November retail sales increased 0.2%.

In the previous month, retail sales rose by 1.5%, versus an earlier estimate of a 1.6% advance.

Meanwhile, Statistics Canada said its early indicators for retail sales in December suggest a decline of 2.1%. That figure is based on a relatively small proportion of respondents and may be revised.

Some economists said the anticipated decline in December might reflect more people shopping earlier in the holiday season because of supply-chain concerns. Some jurisdictions also began to tighten economic restrictions due to the Omicron variant of Covid-19 during the month of December.

Signs that the economy may have been weakening in December could "tip the scales slightly" toward the Bank of Canada leaving its benchmark overnight interest rate on hold at a decision next week, said CIBC Capital Markets economist Andrew Grantham.

The Bank of Canada is due to release its next interest-rate decision on Jan. 26.

The November retail sales report showed six out of 11 sectors tracked by the data agency posted higher sales, led by higher sales at gasoline stations. Sales also rose in November for building material and garden equipment and supplies dealers, and at food and beverage stores.

Write to Kim Mackrael at kim.mackrael@wsj.com


(END) Dow Jones Newswires

01-21-22 0943ET

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