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Nov. 23, 2022

September Retail Sales Slide

Retail sales decreased 0.5 per cent to $61.1 billion in September. Sales declined in seven of the 11 subsectors, representing 74.9 per cent of retail trade, says Statistics Canada. The decrease was led by sales at gasoline stations (-2.4 per cent) and food and beverage stores (-1.3 per cent). Core retail sales – which exclude sales at gasoline stations and motor vehicle and parts dealers – decreased 0.4 per cent. In volume terms, retail sales declined 0.1 per cent for the month. Contributing to the decline were lower sales at building material and garden equipment and supplies dealers (-2.0 per cent), although sales in this subsector were up 8.3 per cent when compared to September 2021. The decrease occurred as the Bank of Canada's most recent monetary policy report projected forthcoming weakness in interest-rate-sensitive retail sectors, such as home maintenance and furniture stores.

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