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Retail Sales rise more than Expected in May

Ally

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OTTAWA — Canadian retail sales rose much more than expected in May after a surprise drop the previous month, Statistics Canada said Wednesday.

Sales increased 1.2 per cent during the month to $34 billion, with gains in seven of eight sectors, led by a 2.4 per cent increase in automotive products, the federal agency said.

"Retail sales have been generally rising since the beginning of 2009," it said.

Most economists has expected sales to rise by just 0.5 per cent in May after a 0.6 per cent decline in April.

"This sturdy report marks a nice reversal from April`s sour note. It also drums home the point that Canadian consumers are not nearly as stressed as their U.S. counterparts, a point made amply clear by recent home sales data," said Douglas Porter, deputy chief economist at BMO Capital Markets.

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