Canada's core retail sales continued their downward trajectory, with November's figures reflecting a sharper decline than the previous month. According to the recently updated data as of January 23, 2025, the core retail sales indicator dropped to -0.7% in November 2024, following a -0.1% decrease recorded in October.
This ongoing negative trend marks the second consecutive month of declining core retail sales, suggesting a potential slowing in consumer spending during the month-over-month evaluation periods. The October decrease ended a previous unspecified streak of either stability or growth, but the November figures indicate a more significant contraction in the retail sector's core sales.
Economic analysts will be keeping a close watch on this downward trend as it could signal broader implications for the Canadian economy if the pattern persists, highlighting the challenges faced by retailers as they grapple with changing consumer preferences and economic conditions. The data release underscores the importance of understanding core retail sales—a vital component reflecting the country's economic health and consumer spending habits.
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