Canadian Retail Sales - June 21, 2012

Canadian retail sales declined 0.5 per cent in April, offsetting a similar increase in March.  Weakness in the retail sector was broad-based with 8 out of 11 retail sectors recording declines. April was a particularly difficult month for new car dealers and clothing retailers which saw declines of 1.4 per cent and 2.8 per cent respectively.  The retail sector in BC also had a disappointing month in April. Provincial retail sales fell 0.2 per cent while year-over-year sales growth decelerated to a modest 2.3 per cent. 

With two full months of economic data now reported for the second quarter, we have revised our Q2 tracking estimate of Canadian GDP lower to 2.4 per cent following first quarter real GDP growth of just 1.9 per cent. 

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