Retails sales were down 0.9% in November.
The bad economic data keeps adding up.
In November – the last month surveyed – retail sales fell 0.9%.
Economists had predicted a fall of 0.6%.
Sales at gas stations were down 5%, while motor vehicle and vehicle parts dealers saw a fall of 1.8% in sales.
As noted by BNN Bloomberg, “The report is the first major setback in consumer spending after sales reached a plateau in the spring, and economists predict household consumption growth will slip below 2 per cent this year for the first time since 2012. Other reports suggest the economy slowed in November, with the agency reporting declines in manufacturing and wholesaling on Tuesday.”
Retail sales fell in six of 11 categories, and the overall volume of sales was down 0.4%.
In addition, the retail sales numbers for the three months prior to November were revised downward.
This is just the latest in the mounting evidence that Canada’s economy is facing serious trouble, with the carbon tax and higher taxes imposed by the Trudeau Liberals contributing even further to the problem.