Canada November Retail Sales Gain Exceeds Forecasts on AutosGreg Quinn
Canada’s retail sales gain exceeded all economist forecasts for November, led by automobiles.
Sales increased 1.7 percent to C$44.3 billion ($31.3 billion), Statistics Canada said Friday in Ottawa. The highest estimate in a Bloomberg survey with 19 responses was a 0.7 percent gain.
Consumer spending has been Canada’s main source of growth as an oil shock pares business exports and investments. Low interest rates and cheaper gasoline have helped boost spending on big-ticket items like homes, cars and appliances.
Motor vehicle and parts sales rose 3.5 percent to C$11.5 billion.