Retail sales rebound in January

by RSingh 23. March 2009 04:55

Retail sales rebound in January

Economists not sure the worst is over, but figures are greeted with enthusiasm anywayMarch 21, 2009 Julian Beltrame
The Canadian PressOTTAWACanadians hesitantly returned to the shopping malls and car dealerships in January in one of the few positive developments the staggering economy has seen in many months.Economists welcomed the good news for a change, noting that the encouraging signal should be put in context, however.Retail sales rose by almost double market expectations, rising by 1.9 per cent, but that only partly reverses December's 5.2 per cent retreat, a 15-year record.The advance included a welcome boost for the battered auto sector in the form of a 6.4 per cent hike in new car sales, but again, more recent numbers show that will be partly offset by a pull-back in February."Not wanting to look a retail gift horse in the mouth, any kind of a bounce, even if it was technical, is welcome news,'' said Douglas Porter, deputy chief economist with BMO Capital Markets.Porter says unless more upside surprises are revealed for the February-March period, he believes the quarter could see a shrinkage of about eight or nine per cent, easily beating 1991's 5.9 per cent retreat for the steepest fall.Still, many analysts say the retail sales number is consistent with an economy that is near bottom and has nowhere to go but up."We think the economy hit bottom in the first quarter. Certainly the signs we're getting from the retail report and (others) bode well for the future,'' said CIBC economist Krishen Rangasamy.Aside from autos, winners in January included gas stations, which saw a 2.6 per cent pickup, clothing, food and beverage stores, pharmacies and personal care stores.Meanwhile, sales at building and home supplies stores fell 1.4 per cent, while sales at furniture, home furnishings and electronics stores were down slightly

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Roy Singh is a Real Estate and a Mortgage Broker with over 17 years experience. He was instrumental in building the largest Mortgage Brokerage in Canada and has developed many programs to allow First Time Home Buyers to enter into the Real Estate Business.

Roy currently is the Broker of Record for both CENTURY 21 Home Realty Inc. and CENTUM Discount Mortgage Canada Inc.

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