There are some signals that Saskatchewan’s economy is enjoying some buoyancy even though some other parts of the country are moving in the other direction. Among them is consumer sentiment.
The latest retail or consumer spending numbers have just been released showing tills in the local mall were humming in October. Saskatchewan saw gains of 1.8 per cent from September to October, the highest increase among the provinces.
What makes this doubly noteworthy is that October was a time when prices were starting to fall as inflation pressures were easing. Gasoline prices are a prime example. Purchases fell by four per cent in the month and almost 12 per cent for the year. In other words, things were costing less but we still spent more so consumers were feeling quite bullish in that month.
And it is a bit of a contrast to what we had been seeing through much of 2023 as year-over-year retail sales volumes in the province were up only 1.1 per cent. Basically, the increase in October made up for declines for the previous year and then some.
