Canadians Rediscover Frugality

This just in from the Globe and Mail:

Canadian retail sales registered their steepest monthly drop in 11 years in November, dropping 2.4 per cent to $34.9-billion on a seasonally adjusted basis. The decline stemmed mostly from lower gasoline prices and unit sales of new cars, Statistics Canada said Thursday.

The carnage was worse than expected, as the average forecast by economists called for a 2 per cent drop, following a 0.9 per cent decline in October.

“With a recession in full flight, Canadians are rediscovering the virtues of frugality, much to the chagrin of retailers,” Canadian Imperial Bank of Commerce economist Krishen Rangasamy said in a commentary on the StatsCan report.

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