The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Canadian retail sales edged lower in November after higher gasoline prices boosted spending in October.
Receipts for retailers dropped 0.5% last month, according to an advance estimate by Statistics Canada. That erased some of the 1.4% growth in October — the largest increase in five months that was led higher by sales at gas stations and supermarkets.
The median estimate in a Bloomberg survey of economists and the statistics agency’s own estimate called for a 1.5% advance in October sales. Excluding auto and parts, retail sales rose 1.7%, exceeding the 1.3% gain expected by economists.
In volume terms, retail sales were unchanged in October as higher fuel prices offset weaknesses in furniture, electronics and clothing stores.
Gasoline sales accounted for about half of the increase in October spending. The report highlights some loss of momentum in domestic demand for goods amid high inflation and rising interest rates that have started to squeeze many households. With the economy set to gear down rapidly in coming months, consumers are expected to cut back further on their spending.