CAD Retail Sales Drop by 0.5%, Retail Sales Less Autos Decline by 0.3% - 21.6.2012

Canadian Retail Sales in April unexpectedly fell by 0.5 per cent while in March increased by 0.4 per cent, as Statistics of Canada reported, economists were expecting a modest increase of 0.2 per cent. Retail Sales excluding autos dropped as well by 0.3 per cent against expectations of a 0.3 per cent rise, the March figure was revised upward to 0.3 per cent from 0.1 per cent rise.

Retail sales drop indicate a weakness in the consumers’ confidence as the demand has fallen and can hurt country’s expansion in case it continues to drop. Statistics of Canada at its report explained part of the lower April Retail Sales due to the advance of spring merchandise sales observed in March.