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U.S.: Retail Sales Outlook Supported by Hiring Intentions

ByThe National Bank of Canada
Published 12/14/2011, 08:54 AM
Updated 05/14/2017, 06:45 AM

U.S. retail sales continue to move higher. According to just-released data, retail spending is currently tracking 6.3% in real terms so far in Q4,
the best showing in a year. As today’s Hot Chart shows, volume sales have finally returned to their pre-recession peak. Encouragingly, the uptrend is likely to persist given the ongoing developments in labour markets. As shown, hiring intentions of small businesses rose to a 38-month high in November according to the National Federation of Independent Businesses (NFIB). This is important since small firms (1 to 49 employees) have accounted for half of the job creation over the past year. More job creation entails improved purchasing power for consumers and a pick-up in demand. That could be good for Canadian exporters who have suffered from lacklustre U.S. labour markets. Bank of Canada Governor Mark Carney argued yesterday that American demand for Canadian exports was $30 billion lower than normal.

Retail sales outlook supported by hiring intentions

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