Data released on Friday showed Canadian retail sales fell 2.1% in May, the second consecutive decline. According to analysts at the National Bank of Canada, preliminary figures for June should help limit annualized losses in the second quarter. They note that sales remain above the pre-pandemic level.
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“Once again in May, retail sales were affected by social distancing measures imposed to limit the spread of COVID-19. Statistics Canada noted that 5.6% of stores closed at some point in the month, up from 5% in April. As expected, the sectors most dependent on social contacts, particularly clothing, suffered some losses in the month. “
“Statistics Canada is marking a 4.4% increase in retail sales in June, which would limit annualized losses in the second quarter of the year to 3.0%.”
“Looking ahead, we expect Canadians to shift some of their spending to services as the economy reopens more fully. That said, consumer spending on goods should remain relatively strong considering the savings accumulated by households during the crisis. “
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