Canada Retail Sales Mom

Retail sales in Canada likely fell 1.9% over a month earlier in September of 2021, preliminary estimates showed, pointing to the steepest monthly drop since May. Considering August, retail sales rebounded by 2.1%, more than market estimates of a 2% rise, with higher sales in 9 of 11 sub-sector as provincial health authorities continued to lift social distancing restrictions. Main upward pressure came from food & beverage stores (+4.8%), which rebounded from a 3-month period of contraction on the back of supermarkets and other grocery stores. Also, clothing & clothing accessories stores saw sales rise 3.9% to a fresh record high, while turnover at gasoline stations went up 3.8%, boosted by higher gas prices. On an annual basis, retail trade expanded 8.4% in August, slowing from an upwardly revised 5.8% jump in July.