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Last Week’s Highlights
Canada’s factory sales in April fall 2.58%
Canada’s factory sector posted the biggest monthly decline on record so far in April 2020. According to official data, factory sales fell 28.5% on a month over month basis in April. This was during the time social distancing and lockdown was in full force.
Factory sales were at their lowest level in 22 years. In terms of volume, manufacturing sales were down by 26%. The data for March was revised to show a 9.2% decline compared to the initial reports of a 9.8% decline.
US retail sales rebound sharply in May
The monthly retail sales report from the US showed that American consumers were back with a bang in May. Official data from the Commerce Department revealed that retail sales grew at a monthly pace of 17.7% on a seasonally adjusted basis.
This keeps the yearly retail sales in the negative territory at -6.1%. The increase in US retail sales in May marks the biggest monthly jump since 1992. However, retail spending was ...
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