12-21-17 8:45 AM EST | Email Article

By Paul Vieira

 

OTTAWA--Canadian retail sales surged in October, climbing the most in nine months, as consumers flocked to car dealerships to purchase a new vehicle.

The value of retail sales in October rose 1.5% on a seasonally adjusted basis to 49.92 billion Canadian dollars ($38.87 billion), Statistics Canada said Thursday. Market expectations were for a more muted 0.3% gain, according to economists at Royal Bank of Canada. On a year-over-year basis, retail sales rose 6.7%.

On a priced-adjusted, or volume, basis, retail sales climbed 1.4% in October from the previous month, and rose 5% from a year ago.

 

Write to Paul Vieira at paul.vieira@wsj.com

 

(END) Dow Jones Newswires

December 21, 2017 08:45 ET (13:45 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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