For those who watch economic numbers, the monthly tabulation of retail sales activity is one of those metrics that gets above-average attention because it is a reflection of how the majority of the population is feeling.
Basically, it is a consumer confidence check or a blood pressure reading. But there are also some underlying indicators that we can observe from these data.
We now have the June figures and here are some findings.
First is a reading on consumer inflation. Aggregate sales were down across the country but the volume of purchases went up. So, we are seeing a significant reduction in inflation. We bought more items but it cost us less than a month earlier to make those purchases.
Second, compared to a year ago, retail sales in Saskatchewan are up 3.4 per cent. Not only is that second-best in the country behind Newfoundland, that growth also exceeded our inflation rate for the year as consumers are spending more, partly because there are more of us.
And here’s the third tidbit. We spent more in stores with a door and less on line.
