Canadian Retail Sales edge up in January. - CountingPips Forex & Currency Trading Blog

March 25, 2008 - Forex Economic News

Canadian Retail Sales edge up in January.

Canadian Retail Sales increased in January according to a report by Statistics Canada released today. January retail sales bumped up 1.5 percent to $35.8 billion and marked the third straight month of increasing sales. The rise in Retail sales slightly beat economic forecasts by the market which expected an increase in the sales numbers by 1.4 percent and January's increase comes after December's revised 0.8 percent rise. Providing a boost to the retail sales numbers were retail store sales in building and outdoor supplies, clothing and accessories, home furnishings and electronics. Sales by new car dealers grew by 2.6 percent in January as sales of passenger cars jumped by 16.2 percent compared to December 2007.

Core retail sales or sales minus automobiles increased by 1.3 percent in January beating market forecasts of a 0.5 percent increase. The Canadian dollar was relatively steady against the major currencies after the news release.

Tags: canada retail sales, core sales, cad, loonie, statistics canada

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