- Nick Exarhos, CIBC
Canadian retail sales advanced in September, amid higher auto sales, official data shoed on Tuesday. According to Statistics Canada, sales climbed 0.6% to a seasonally adjusted C$44.38 billion ($33.08 billion) in the reported month, following August's upwardly revised gain of 0.1%. Furthermore, sales increased 0.6% in volume terms and 2.5% year-over-year. However, even though retail sales increased markedly in September, the figure came in below analysts' expectations for an increase of 0.7%. The September growth was mainly driven by a 2.4% sales rise posted by the motor vehicle and parts dealers subsector. Moreover, a new measure revealed e-commerce accounted for 2.1% of total sales in September on a seasonally adjusted basis, after advancing 2.0% in the previous month. Core retail sales, which exclude sales of automobiles, came in at 0.0%, whereas the prior month's number was revised up to 0.2% from the originally reported reading of 0.0%. Economists anticipated a rise to 0.6% during September.
As a result, the Greenback rose to 1.3425 against the Canadian Dollar, compared to 1.3409 ahead of the release. Back in the Q3, the Canadian economy expanded
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