'Massive' Drop In Canadian Retail Spending Surprises Experts

Canada's economy will be operating"below capacity for the foreseeable future."The inside view of Eaton Center shopping mall in Toronto, March 23, 2020.sales plummeted 26.4 per cent in April, posting a record decline for a second consecutive month, as the coronavirus pandemic continued to wallop the economy, StatisticsThe decline was nearly twice as large as what economists had been expecting.

“The drop in April retail sales in Canada was massive – and significantly larger than the 15.6 per cent drop Statistics Canada provided as a preliminary estimate along with the March report,” RBC senior economist Nathan Janzen wrote.“ers were devastated by the shutdowns and physical distancing measures employed in April,” Royce Mendes, senior economist at CIBC Capital Markets, said in a note.ers who had an online presence were able to capitalize on some of the shifts in buying patterns.

Janzen said the “long road to recovery” likely began in May, as lockdowns began lifting, but noted that Statistics Canada expects that only 40 per cent of the previous months’ losses will have been recovered in May. “Some form of virus containment measures are likely to remain in place at least until there is a vaccine or more effective treatment – and that will leave the economy operating below capacity for the foreseeable future,” Janzen wrote.

I don't see how this could be a surprise.

This is only surprising if you have literally not been paying attention at all

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