Consumer spending was upbeat in January
But preliminary estimates suggest weaker sales in February
By Siddhartha Bhattacharya, ATB Economics 27 March 2023 less than a minute
According to new data from Statistics Canada, Alberta led gains across all provinces in retail activity in January and was responsible for over a quarter of the rise in national sales.
Seasonally-adjusted retail sales in Alberta rose for the fourth consecutive month, up by $241.7 million (2.9%) in January.
Although Alberta’s retailers provided the biggest boost, activity improved in every other province and pushed national sales up by $938.9 million (+1.4%) in the month.
Relative to January 2022, revenues stood $879.5 million (13.7%) higher.
The year-over-year gain came solely on the back of motor vehicles and parts dealers, sales of which grew for the first time in five months and dwarfed pullbacks in every other sub-sector.
Despite a solid start to the year, early estimates by Statistics Canada suggest a monthly decrease of 0.6% in national retail sales in February.
Answer to the previous trivia question: England’s Charitable Uses Act (a.ka. Statute of Elizabeth) dates back to 1601.
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