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B.C. bucked the national trend in retail sales for April, with consumer purchases increasing 1.3 per cent while the Canadian average dropped 0.8 per cent, Statistics Canada reported Friday.
April ended five months of sales declines for B.C. Sales in April totalled $4.35 billion, up from $4.29 billion in March.
The dip in retail sales nationally came after three consecutive months of increases. The unexpected reverse came on declining purchases of cars, gas, food and beverages.
April`s retail sales fell to $33.5 billion. Economists had expected sales to rise by 0.1 per cent.
Nationally, sales are down 6.2 per cent from April 2008. In B.C. the year-over-year drop is 9.2 per cent.
"This disappointing result (nationally) reinforces the view that the economy is not poised to snap back quickly," BMO Capital Markets economist Douglas Porter said in a note.
"Consumer spending continues to grapple heavily with a weak job market, heavy-duty wealth losses of the past year and now rising gasoline prices. Even so, early results from the spending side in May, including auto and home sales, as well as consumer confidence, point to firmer retail activity in coming months."
Five of the eight sectors tracked by Statistics Canada saw falling sales, including automotive and food and beverages, which together constitute nearly 60 per cent of sales each month.
The automotive sector fell by 1.9 per cent as all three of its component areas -- new cars, used cars and recreational vehicles, and gasoline sales -- posted declines.
Read the full article here.
April ended five months of sales declines for B.C. Sales in April totalled $4.35 billion, up from $4.29 billion in March.
The dip in retail sales nationally came after three consecutive months of increases. The unexpected reverse came on declining purchases of cars, gas, food and beverages.
April`s retail sales fell to $33.5 billion. Economists had expected sales to rise by 0.1 per cent.
Nationally, sales are down 6.2 per cent from April 2008. In B.C. the year-over-year drop is 9.2 per cent.
"This disappointing result (nationally) reinforces the view that the economy is not poised to snap back quickly," BMO Capital Markets economist Douglas Porter said in a note.
"Consumer spending continues to grapple heavily with a weak job market, heavy-duty wealth losses of the past year and now rising gasoline prices. Even so, early results from the spending side in May, including auto and home sales, as well as consumer confidence, point to firmer retail activity in coming months."
Five of the eight sectors tracked by Statistics Canada saw falling sales, including automotive and food and beverages, which together constitute nearly 60 per cent of sales each month.
The automotive sector fell by 1.9 per cent as all three of its component areas -- new cars, used cars and recreational vehicles, and gasoline sales -- posted declines.
Read the full article here.