Canada Retail Sales Mom

Retail sales in Canada likely rose by 1.6% month-over-month in May of 2022, preliminary estimates showed. Considering April, retail trade increased by 0.9% from a month earlier, above preliminary estimates of a 0.8% rise and picking up from an upwardly revised 0.2% gain in March. Sales were up for 6 of the 11 subsectors, led by higher turnover for general merchandise stores (4.2%), with sharp increases recorded for food items. Sales activity was also higher in gasoline stations (3%), even though gasoline prices in Canada were seen 0.7% down during the month. On the other hand, turnover took a downturn for motor vehicles and parts dealers (-0.3%), due to lower car sales (-0.8%). On an annual basis, retail trade jumped by 9.2% in April, advancing from an upwardly revised 2.8% rise in the previous month.