Canada’s retail sales hit largest monthly increase in a year

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Statistics Canada reports show that Canadian retail sales have increased 1.1 per cent to $41.62 billion in April, which came as a record and the biggest monthly increase in almost a year. The monthly retail gains are mostly credited to auto sales, increasing 2.4 per cent for motor vehicles and parts dealers, with sales from new car dealers also up by 3.2 per cent.

According to Royal Bank of Canada economists, the gain surpassed market expectations by 0.6 per cent. The gain followed a 0.1 per cent increase from March, and a strong wholesale trade report for April earlier in the week. Results further show that retail sales rose by 5.1 per cent on a year-over-year basis. CJ

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