Retail sales surged to a record high for the second
straight month in April, in part due to a near-record price hike for
gasoline. Retailers sold $32.8 billion worth of goods and services, up
1.7 per cent from March, identical to the increase the month before.
These back-to-back gains were the strongest monthly advances since a
1.8 per cent increase recorded in March 2004.
April’s robust sales conditions followed the strongest quarterly gain in four year. Once prices are taken into account, total retail sales in constant dollars grew by a smaller but nevertheless robust 1.2 per cent in April. While the effect of higher gasoline prices was significant (they rose 13.5 per cent in April, the second highest increase in 23 years), these were partially offset by lower prices at other stores, such as clothing and accessories stores, general merchandise stores, and miscellaneous retailers.
Consumer spending in building and outdoor home supplies stores fell in April (-0.8%), ending a five-month streak of sales gains. The first three months of this year for this sector have been exceptional, the quarterly gain being the strongest in over two years. Despite being the fastest growing sector in the retail industry, however, building and outdoor home supplies stores have seen its annual growth performance slow down over the last four years.
Sales at home centers and hardware stores remained relatively stable in April, after experiencing eight consecutive monthly advances. Despite the pause in retail activity, sales at these stores were still 10.8 per cent higher than in the same month last year. Retailers specializing in building materials and garden supplies saw their sales decline by 3.2 per cent in April. Although sales in these types of stores typically fluctuate from month to month, they have generally been growing in the last three years.
(Statistics Canada)
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