The
data, published by Statistics Canada on Tuesday, showed that Canadian
retail sales jumped 1.6 percent m-o-m to CAD57.61 billion in October, following
a downwardly revised 0.3 percent m-o-m drop (from -0.6 percent m-o-m) in
September.
Economists
had forecast a climb of 1.0 percent m-o-m for September.
According
to the report, 7 of 11 subsectors demonstrated increases in October,
accounting for 59.9 percent of total retail sales. A gain in retail sales at motor vehicle
and parts dealers (+2.2 percent m-o-m) contributed the most to the overall
increase, bolstered by a rebound in new car dealer sales (+2.8 percent m-o-m). Excluding
auto, retail sales surged 1.3 percent m-o-m in October after an unrevised 0.2
percent m-o-m fall in
the previous month, being slightly worse than economists’ forecast of a 1.5
percent m-o-m jump.
In
y-o-y terms, the Canadian retail sales soared 5.3 percent in October, following
an upwardly revised 5.0 percent advance (from +4.8 percent) in the previous
month.