Canada: Data suggests consumer spending on goods is still fairly robust - CIBC – by MSalordFX Canada RetailSales Banks
e and is linked to lower prices during the month, making sales fared a little better in volume terms with a 0.1% decline. They add the advance estimate for October shows a healthy bounce back of 1.5%, suggesting that consumer spending on goods is still fairly robust.
“The advance estimates for October retail, wholesale and manufacturing suggest that the fourth quarter has started with a little more momentum than we previously anticipated, and placing some upside pressure on ours and the Bank of Canada's GDP forecast for Q4. However, it is early days, and the impact of past interest rate hikes on consumer spending will only grow in the coming months and quarters.
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