Canadian October Retail Sales Rise for Fourth Month on Autos
Canadian retail sales rose a fourth straight month in October, exceeding economist forecasts on gains in automobile and gasoline purchases.
Sales rose 0.7 percent to C$39.4 billion ($39.9 billion), Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News forecast a 0.2 percent increase, based on the median of 24 projections.
The data adds to evidence the world’s 11th-largest economy may be rebounding after a weak third quarter. Other reports published this month have shown greater-than-forecast increases in employment and wholesale sales.
Automobile and parts sales rose 1.6 percent to C$8.96 billion, while gasoline station receipts gained 1.6 percent to C$5.10 billion, according to the report.
Purchases excluding the motor vehicle and parts category rose 0.5 percent to C$30.5 billion. On that basis, economists surveyed by Bloomberg forecast 0.2 percent growth.
The volume of sales, which excludes the effects of price changes and more closely reflects the industry’s contribution to economic growth, rose 0.3 percent.
In a separate report, Statistics Canada said average weekly earnings of non-farm payroll workers rose 2.8 percent in October from a year ago, led by a 5.8 percent gain for accommodation and food services. On a monthly basis, earnings rose 0.9 percent, while payroll employment fell by 10,200.
To contact the reporter on this story: Greg Quinn in Ottawa at email@example.com