Retail sales were up by 1.5 percent between June & July, 16 percent per year, in Canada according to Canadian Statistics.
According to Canadian Statistics released on 27th September 2006, retail sales were up by 1.5 percent between June & July, 16 percent per year, in Canada. The monthly growth was in Atlantic Canada and Manitoba, which showed a turn down in retail sector in the month of June, however Alberta was top above other provinces when it came to annual increase.
Retail Sales in garments and accessory stores were losing 1.7 percent, and sales through miscellaneous retailers that included hobby, music, sporting goods, and bookstores fell 0.3 percent. Steve Chan, who is an economist at TD BANK, said that sales of appliances and furnishings had been reasonable for months and most likely impacted by the housing market's cooling.
The province flourishing retail sector out paced increase in Ontario by 6 times while British Columbia, were the 2nd highest in a year with 6.6 percent jump in sales. Countrywide reduction of goods & services tax, from 7 percent to 6 percent, helped in pushing the retail sales by 1.5% in a month.
The automotive sector benefited the most. Reduction of goods & Service Tax helped vehicle sales to rise 4 percent in a month. Steve Chan expects that the long-term position for the retail sector remains sensibly positive.
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