Canadian retail sales came in stronger than initially estimated, as analysts say consumers proved resilient amid an economically challenging environment but that momentum is expected to slow.
Retail sales rose 1.1 per cent to $65.9 billion in April, Statistics Canada reported Wednesday, topping its initial estimate for the month that pointed to an increase of 0.2 per cent.The agency's advance estimate for May suggested a gain of 0.5 per cent for that month, though it cautioned the figure would be revised.
The central bank has raised concerns that inflation seems to be more sticky than expected and will be harder to get it back down to its two per cent target. "I thought for sure they would take a break. But it's something that we're seeing a bit of a surprising resilience in consumer spending," said Winder.
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