Consumers appear to pull back on spending
OTTAWA — Canada retail sales during the critical holiday shopping season were being far lower than previously projected while consumers appeared to pull back on spending.
Statistics Canada has launched revised estimates for its retail-trade results — and they are considerably weaker if compared to the initial readings published by the government agency.
The agency now estimations retail sales for Nov contracted 1.1 % compared to the previous month, this is a downward revision from its preceding figure of 0.5 per cent growth.
For December, the agency now says retail trade likely fell 1.A pair of per cent, which is deeper as compared with its previous estimate involving just a 0.7 % contraction.
The report says full price sales grew by mainly 0.1 per cent with January, compared to the initial quote of a 0.3 per-cent expansion.
Statistics Canada also produced its monthly number regarding February, when it estimates full price sales increased 0.Several per cent to $49.8 million — with the biggest increases from new car dealers plus general merchandise stores.