New data released by Statistics Canada has revealed that, after putting off shopping for the months of July and August, buyers headed back into stores with full swing in September, leading to the month recording a 1.2% growth in retail sales as compared to the previous month. For the month of September, Canada's retail sales grew to $39.4 Billion.
The rise recorded for the month has been in-line with the analysts' expectations, and a late start to the school year in various Canadian provinces as well as an unexpected burst of warm weather have been credited as reasons behind the hike.
With many retail stores reporting their highest gain in over a year for the month of September, this has been the seventh consecutive increase recorded by Canadian retailers. A substantial rise in sales was recorded by automobile, food and drink and general merchandise sectors, in addition to others.
According to Statistics Canada, sales across the country have been steadily rising since the beginning of the current year, after a rapid fall which was recorded in the end of 2008. Sale figures, however, still remain 3.3% lower than those recorded for last year, but the steady rise is being looked at as a positive sign by economists and analysts.
Whether the rise is a temporary effect of the holiday season, or a permanent trend indicating a growing economy, remains to be seen.












