(Bloomberg) — Canadian retail sales surged for a second month in November, as consumers continue to lead the nation’s recovery.
Retailers sold 1.2% more goods in November, according to a preliminary estimate from Statistics Canada. That’s on top of a 1.6% gain in October on strong auto sales, stronger than the 1% increase for the month initially forecast by the statistics agency.
The numbers underscore how consumers — flush with cash after holding back purchases for much of the past two years — are ready to spend and leading growth in the second half of this year. Data released late last month showed consumer spending jumped by an annualized 18% in the three months that ended in September, the second biggest increase going back to the early 1960s.
The data may also bolster confidence the economy is adapting to global supply chain issues, finding ways to get around shipping port closures and micro chip shortages.
October’s gain was led by higher auto sales, as supply chain issues were less pronounced in the month, according to the report. Sales were up in seven of 11 categories tracked by the agency.
Retail e-commerce sales fell 0.9% in October, the statistics agency said.
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