Data Depicts Strong Retail Sales

Data Depicts Strong Retail SalesThe data from the Office for National Statistics has depicted strong retail sales.

The data illustrated a decrease in the number of people receiving employment insurance benefits, while Canada's composite of leading economic indicators showed an increase.

"Today's raft of economic data adds to the growing body of evidence that the recovery is taking more firm roots", BMO Capital Markets Deputy Chief Economist Douglas Porter said. The strongest retail gains, which rose 0.4% to $35.3 billion, were in general merchandise.

Sector including department stores, increased 3.3%. Sales at clothing and accessory outlets were up 2.1%. The automotive-related purchases gained 0.9%. Gasoline stations hiked 2.2%, while sales of used and recreational vehicles and auto-parts dealers rose 1.7%.

However, new-car dealer sales were down by 0.2%.

Noting that the index is up 4.1%, year-over-year, TD Securities Economics Analyst, Ian Pollick said, "The details of the report were fairly robust".

Sales figure, including petrol and diesel dropped by 1.8%. Sales rose at an annual pace of 0.9%, resulting in the weakest annual growth in seven months.