By Paul Vieira
OTTAWA--Canadian retail sales rose in October at their fastest month-over-month clip in nearly a year, signaling households are beginning to spend the extra cash they have pocketed from federal government tax breaks.
The value of retail sales climbed 1.1% in October to a seasonally adjusted 45.05 billion Canadian dollars ($33.44 billion), Statistics Canada said Thursday. That easily beat market expectations for a 0.3% gain, according to economists at Royal Bank of Canada.
The last time retail sales rose this much on a month-over-month basis was last January, when receipts rose 2.1%.
The previous month's figures were revised upward, and now indicate retail sales climbed 0.8% in September on a month-over-month basis. The earlier estimate suggested a 0.6% gain.In volume terms, retail sales climbed 0.6% in October. Analysts eye volumes to get a more accurate reading on activity.
On a 12-month basis, nominal retail sales rose 3.8% in October.
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(END) Dow Jones Newswires
December 22, 2016 08:45 ET (13:45 GMT)
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