REPORT: Retail Sales In Canada Drop 1.2%

More weakness seen in the Canadian economy.

The latest retail sales numbers are adding to the concern about underlying weakness in the Canadian economy.

According to BNN Bloomberg, “The consumer price index recorded an annual pace of 2.2 per cent in May, unchanged from April and well below economist expectations for a 2.6 per cent gain, Statistics Canada said Friday. In a separate report, the Ottawa-based agency said retailers recorded a 1.2 per cent sales drop in April, also unexpected. The reports — which come on the heels of other disappointing data — raise questions about the underlying strength of the economy and could cast some doubt about how quickly the Bank of Canada proceeds with future rate hikes.”

While monthly data is notoriously fickle, it’s the trend that matters. And the trend is not looking good for Canada’s economy:

“Yet, the recent pattern has been one of weakness across the economy — which could be a concern. The poor inflation and retail sales data have come on the back of weak manufacturing sales and employment data — all within the context of growing trade worries.”

What makes all of this so absurd is that the government could easily be fixing many of these problems. Rescinding the carbon tax, cutting regulations for businesses, and reducing provincial trade barriers would give our economy a strong boost.

Yet, the Trudeau government refuses to do so, and is instead doubling down on the same failed policies that have pushed our economy into such a position of weakness.

Spencer Fernando

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greg

Yes its getting harder to find information like this on BNN since it became BLOOMBERG BNN a few months ago. Michael Bloomberg is clearly proud that he is plowing $80,000000 into the U.S. midterms. Yes thats what was reported, 80million. So now one of our only sources for business in Canada is being influenced ,if not controlled by another smart ass American Liberal. The BNN web site is increasingly morphing into a political liberal mouth piece. Pay attention to the disproportionate amount of pot news, environmental and political news (anti trump of course) and . Hell today there is a… Read more »

Ken (Kulak)

I agree. Bloomberg BNN to be taken with a grain of salt.

Ra;ph Knapp

The only way this will be “sorted” is when the Boy is out of office. Note that
Doug Ford is “sorting” the mess Wynne left.

grandpaspeaks

Our fundamental shift away from meritocracy will be our downfall. When every one gets an androgynous trophy everyone loses. Molding gender identities into pre pubescent children is child abuse and now we have a Prime Minister that demonstrates the result of that. We were bored with Harper, needed change, and didn’t require any merit in the one chosen to replace him. We have the government we deserve. And now, so does Ontario.

NancyW

A lot of people only have part time jobs now, my neighbor has worked at the same company for years with lots of overtime hours, this year he tells me he is lucky if he can get 8 to 10 hours a week. If he cannot find a full time job soon, he says he is putting his house up for sale as he cannot afford it even when his wife is also working now part time since last year, they have been great neighbors. The neighbors on the other side of me both working full time with 3 children… Read more »