Canadian retail sales increased a slight 0.2 per cent in November, the fifth consecutive monthly increase. However sales were higher in just 4 of 11 retail sub-sectors, representing only 32 per cent of all retail trade. In volume terms, retail sales were actually higher than in dollar terms, up 0.8 per cent, likely due to holiday sales discounts.

Retail sales in British Columbia were up 0.3 per cent in November but were 0.8 per cent lower year-over-year. BC consumers, perhaps feeling the weight of elevated household debt burdens, were not in the mood to spend in 2012. Through November, BC retail sales were up just 2.4 per cent, an even slower pace of sales than 2011's already weak 3 per cent growth. We anticipate that this weakness will continue into the first half of 2013 before growing employment and better overall economic conditions spur the economy in the second half of the year and into 2014.