Retail Sales Explode for May
And I am not cleaning that mess up! This has caused the Canadian Dollar to continue it’s upward reach compared to it’s Yankee Cousin.
Total retail sales rose 2.8% to an estimated $35.0 billion in May. Gains in seven of eight retail sectors boosted sales, making May the fourth monthly increase in a row for Canadian retailers. The last time sales increased more than 2.8% was December 1997, when sales advanced 3.7%. When sales of new, used and recreational vehicles and parts dealers are excluded, retail sales jumped 2.3%, more than offsetting April’s 0.3% decline.
Wonder if this is another bubble forming? Hope not
Some of the odd areas where sales have gone up? Auto sales (from April to May) are up 4.0%, and this is at the height of the gas prices? Clothing sales are up over 4 percent as well (but I could have guessed that with my daughters spending).
With a Canadian Dollar rising to parity with it’s American Cousin, what does this mean? Nothing (YET), but stay tuned this could get very interesting, that is for sure.
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