Retail sales climbed more than expected in September to mark the fifth consecutive monthly increase since the record drop in April due to the pandemic, but economists warned that rising COVID-19 cases and looming restrictions could mean weakness ahead.
Statistics Canada said Friday that retail sales rose 1.1% to $53.9 billion in September, topping the 0.2% increase that economists on average had been expecting, according to financial data firm Refinitiv
“Today’s release was a nice surprise, but with COVID-19 situation deteriorating rapidly across much of the country since September, further good news will likely be on hold for now,” TD Bank economist Ksenia Bushmeneva wrote in a report.
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