Statistics Canada has reported a 0.3% decrease in retail sales, totaling $67 billion, for the month of January. This decline was primarily driven by a drop in sales at new car dealers.
Sales at motor vehicle and parts dealers experienced a notable decrease of 2.4%, marking the group’s first decline in five months. Specifically, sales at new car dealers fell by 3.0%, while used car dealers saw a gain of 4.5%.
However, core retail sales, which exclude gas stations, fuel vendors, and motor vehicle and parts dealers, showed a modest increase of 0.4% in January. This increase was attributed in part to higher sales at sporting goods, hobby, musical instrument, book, and miscellaneous retailers, which experienced a 3.0% uptick.
In terms of volume, retail sales rose by 0.2% in January.
Looking ahead, Statistics Canada’s advance estimate suggests a 0.1% increase in retail sales for February, although it cautioned that this figure is subject to revision.
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