Retail sales up 2.5% in December.
Canadian retail sales surged higher at the end of last year to post their largest monthly increase since May 2022, but Statistics Canada says its early estimate for January pointed to a pullback to start 2025.
The agency said Friday retail sales in December rose 2.5% to $69.6 billion, topping the early estimate for the month that suggested a gain of 1.6%.
However, the momentum from the strong finish to 2024 appeared to evaporate as the preliminary estimate for January pointed to a decline of 0.4% to start the new year.
U.S. President Donald Trump has announced plans to impose wide-ranging tariffs on U.S. imports from Canada and around the world.
Statistics Canada said that December sales were up in all nine of the subsectors it tracks as sales at food and beverage retailers rose 3.5% for the month.
The increase came as sales at supermarkets and other grocery retailers, except convenience retailers, gained 3.9%, while beer, wine and liquor retailers rose 3.9% and specialty food stores added 2.4%.
Meanwhile, sales at motor vehicle and parts dealers gained 1.9 per cent in December, boosted by a 2.0% gain at new car dealers. Sales at automotive parts, accessories and tire retailers rose 4.7% and used car dealers added 3.2%.
Source: INVESTMENTEXECUTIVE