Canadian retail sales rose 1.9 per cent in May, following two consecutive months of flat sales. The close to 2 per cent growth marks the largest rate of growth in retail sales since March 2010. Given today's data release, second quarter GDP growth is currently tracking in a range of 1 to 1.5 per cent, though there is significant uncertainty around that number due to the impact of flooding in Alberta and other significant economic disruptions in recent months.
Retail sales in BC once again posted only modest growth, rising 0.4 per cent from April. Sales were unchanged from a year ago. Weak employment growth in the first half of 2013, along with a slowing of consumer credit will likely keep retail sales growth well below long-term averages this year. We do, however, expect sales to pick-up modestly in the second half of the year.
Copyright BCREA - reprinted with permission
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