Canadians have had plenty to worry about in Trump's second term. The 51st State talk touched a nerve and tipped an election, while the tariffs upended confidence in the economy.
Despite that, there has been no sign of slowing consumer spending.
RBC reports -- citing its cardholder data -- that retail sales rose 0.7% in May, 1.1% ex-autos and 1.2% on core sales. That comes after official advanced data showed a 0.5% rise in April.
Overall spending remained solid in May, but key categories showed signs of cooling compared to April. Discretionary services continued to lead with spending rising 1.2% from April. Essentials followed closely up 1.1%, while discretionary goods posted a more modest gain of 0.5%. Despite the slower momentum, all three categories remained in positive territory, pointing to continued underlying strength in household demand.I've been following this data set for awhile (it's about 5 years old) and it's proving to be a great forecaster for Canadian retail sales.
One caveat could be that spending rose on a pull-forward ahead of tariffs, as apparel demand was high. Still, there is no sign of a consumer-led recession in Canada and I think we could see a Canada-US trade deal in the very-near future.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about cardholder data shows canadian consumer spending continued to hold up in may 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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