Retail Slides in January

CBJ – Canadian retail sales tumbled more than expected in January as the price of gasoline fell and consumers spent less on new cars, data from Statistics Canada showed on Friday.

Sales fell 1.7 percent, surpassing the 0.7 percent drop economists had forecast. In volume terms, retail sales overall dropped 1.2 percent.

Sales at gasoline stations fell 8.8 percent, the largest decline since November 2008 on lower prices at the pump. It was the seventh straight monthly decrease.

Receipts at motor vehicle and parts dealers decreased for the fourth month in a row, falling 1.4 percent on weaker sales at new car dealers.