Retail Spending Goes on Allocation, Once the Gas Tank has been Topped Up
Abstract:
Year-over-year total Canadian retail sales were +5.7% on an actual basis in February 2008 and +6.2% on a three-month smoothed basis. However, they did decline -0.7% on an actual month-to-month basis versus January and this was the first such drop in seven months going back to July 2007. The problem going forward is that paycheques only stretch so far. The cost of gasoline at $1.20 per litre and moving higher is cutting into spending in other areas that are more optional, such as entertainment.
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Year-over-year total Canadian retail sales were +5.7% on an actual basis in February 2008 and +6.2% on a three-month smoothed basis. However, they did decline -0.7% on an actual month-to-month basis versus January and this was the first such drop in seven months going back to July 2007. The problem going forward is that paycheques only stretch so far. The cost of gasoline at $1.20 per litre and moving higher is cutting into spending in other areas that are more optional, such as entertainment.