Canadian retail sales drop in November, fail to deliver holiday shopping boost

Canada

Statistics Canada said retail sales fell 0.9 per cent to $50.4 billion in November, a drop larger than the 0.6 per cent forecast by economists polled by Thomson Reuters Eikon.The drop came as sales at gasoline stations and motor vehicle and parts dealers declined. Excluding these two subsectors, retail sales inched up 0.2 per cent. Overall, sales were down in six of 11 subsectors, representing 75 per cent of retail trade.Retail sales in volume terms fell 0.4 per cent.READ MORE: Bank of Canada keeps key rate at 1.75%, downgrades economic forecastWhile economists had expected that cheaper gas and weaker auto sales would drag down the headline reading, they had predicted growth in other areas.WATCH: Families in Canada are living with record amount of debt, opposition says

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