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22/10/2009 -
Canadian businesses may want to check that their POS terminals are in working order, as retail sales increased more than expected in August and are expected to continue doing so.Statistics Canada reported Thursday that retail sales in current dollars rose 0.8 percent in August to reach $34.5 billion, reversing July's decline. In terms of volumes, retail sales increased by 0.4 percent.
While sales have been improving since early 2009, this month's results are particularly encouraging.
"Overall, this was a positive report, and it suggests that Canadian consumer spending may have regained its mojo in August, following the disappointing decline in July," Millan Mulraine, economics strategist at TD Economics, told the Financial Post.
The Statistics Canada report coincides with an updated release of the Bank of Canada's economic outlook, which expected consumer spending to improve along with the country's economy as a whole - the bank forecasted that the economy would grow by 3 percent in 2010 and 3.3 percent in 2011.
This is good news for merchants that have been looking to move inventory and boost their bottom lines, but to get the maximum benefit from this resurgence they are advised to ensure that their credit card machines are in working order.
