NewsAlert: Retail sales fell 10% in March, April expected to be worse
Posted May 22, 2020 08:37:04 AM.
Last Updated May 22, 2020 08:46:09 AM.
OTTAWA — Statistics Canada reports retail sales posted their largest monthly drop on record in March and expects an even larger drop for April once the final numbers are tallied.
The agency says retail sales fell 10.0 per cent to $47.1 billion in March as non-essential businesses began to shut their doors due to the pandemic.
Economists on average had expected a drop of 10 per cent according to financial markets data firm Refinitiv.
Statistics Canada also says a preliminary estimate for April indicate a 15.6 per cent drop for the month.
More coming.
The Canadian Press
