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Bloomberg
The recovery in Canadian retail sales is fizzling Sales eked out a gain of 0.4% in August, Statistics Canada said in Ottawa.
That fell short of the 1.1% median forecast in a Bloomberg survey of economists. Excluding vehicles, receipts rose 0.5%, versus a forecast gain of 0.9%.
After cratering in April on mandatory lockdowns, retail sales increased for four consecutive months through August, recovering to pre-pandemic levels in all major categories except cars, gasoline and clothing.
But the pace of growth has slowed dramatically since the early summer, and a preliminary estimate from the agency showed receipts were flat in September.
The outlook for retail sales is fairly bleak, with the recent surge in Covid-19 infections forcing some Canadian provinces, including Quebec and Ontario, to tighten up on social distancing measures.
Capacity restraints and further shutdowns in the face of a second wave will likely keep a lid on demand.