According to Statistics Canada, retail sales in Canada showed a gain of 1.7 per cent in February after two consecutive months of decline. While economists expected a gain of 0.5 per cent for the month, according to Thomson Reuters, sales reached $42.2 billion and all 11 retail sectors reported increases. This has been the largest increase since June.
The jump in retail sales was led by general merchandise stores, which reported an increase of 5.6 per cent for the month. Seven provinces was increases, with British Columbia experiencing the highest boost of 11.8 per cent, followed by Ontario and Quebec. Meanwhile, sales in Newfoundland and Labrador, Prince Edward Island and Nova Scotia continued to decline. CJ