Clothing retailers saw a record gain

24 Nov '06
1 min read

Although the Canadian consumers' buying capacity increases, reasoning rational labour market, low borrowing costs, the retail sale fell in the month of September by 1.2 percent from August. Third-quarter sales slid to about half the rate of previous two quarters.

Several economists to cut their forecast for third-quarter economic growth as gasoline prices collapsed. J P Morgan Securities Canada Inc cut its estimate to 1.8 percent from 2 percent, while National Bank Financial Inc reduced its forecast to 1.6 percent from 2 percent.

But the good news is clothing retailers saw a record gain in September as increase in sales was 6.9 percent. Sales were also strong among footwear, clothing accessories and jewellery stores grew 12.7 percent, the largest increase since 1999. Consumers are also spending on sporting goods and personal care products.

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