This report is more useful when it's released before Canadian retail sales but RBC is out today with its latest data on Canadian cardholder spending.
Canada's largest bank said card transactions fell 0.2% in February, which is largely consistent with the -0.4% decline in the advance retail sales report.
Sales were influenced by poor February weather and the HST holiday through Feb 15. Overall though, there is tremendous angst in Canada but few indications of changed consumer behaviour.
"Spending on discretionary goods declined in February, but spending on discretionary services and essentials were little changed from January. Sales at restaurants edged higher—broadly consistent with data from OpenTable showing restaurant bookings still running 20% above year-ago levels into late March"They also note that Ontario has recently doled out $200 stimulus cheques to every person in the province and that province leads the annual rise in spending.
Overall, it's all a puzzle with Canadian consumer confidence at generational lows but consumer spending just fine. It's a similar dynamic in the US and elsewhere.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about canadian consumer spending held up ok in february rbc was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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