Canadian retailers racked up $ 53.9 billion in sales in September, far more than expected | TBEN News

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Retail sales rose 1.1% to $ 53.9 billion in September, according to Statistics Canada, marking the fifth consecutive monthly increase since April’s record drop due to the pandemic.

Economists on average expected an increase of 0.2 percent, according to financial data firm Refinitiv.

Retail sales increased in nine of the 11 subsectors.

Core retail sales – which exclude gas stations and motor vehicle and parts dealers – increased 1.1%, according to Statistics Canada.

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Sales at general merchandise stores rose 1.8 percent, while food and beverage stores increased 0.9 percent, in part due to higher prices for meat, fish and dairy products.

According to Statistics Canada, its first estimates for October suggest retail sales for the month were relatively unchanged, but noted that this was a preliminary figure and would be revised.

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