Retail Sales Recover From Last Quarter

Canadian retail sales gained 4.6 per cent year-over-year in the third quarter of 2020, from the 14.6 per cent decline that took place in the second quarter, says Statistics Canada. Sales in food and drugs are continuing to increase, up now by 7.8 per cent. Store merchandise sales are also up 7.1 per cent from its 12.4 per cent decline in the second quarter and a 0.1 per cent increase in the automotive industry from a disastrous collapse in sales last quarter. These trends are unlikely to continue due to lockdowns returning in time for Christmas. eCommerce retail sales skyrocketed in second quarter and are continuing at a similar rate into the third quarter.