Canadian retail sales edged 0.1 per
cent higher in September, following increases in the previous two months.
Retail sales were higher in 7 of 11 retail sub-sectors. Adjusted for inflation,
retail sales were flat.
Third quarter Canadian economic
growth has looked consistently weak and today's positive retail sales data does
little to move our GDP tracking estimate. We estimate that the Canadian economy
grew by just 0.8 per cent in the third quarter. However, we do expect growth to
rebound to close to 2 per cent in the fourth quarter.
Retail sales in British Columbia were up 0.3 per cent in September and 0.8 per
cent higher year-over-year. Through the third quarter, retail sales have grown
3.2 per cent over last year.
Copyright BCREA - reprinted with permission
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