RBC’s latest tracker found that while overall spending was steady in March, there were some signs of weakness in goods spending, mirroring a pullback in auto sales
Canadians are continuing to spend on holidays and non-essential services, but are cutting back on restaurants and goods, according to the findings in a new report from Royal Bank of Canada.
Auto sales in March were up 3.7 per cent, according to DesRosiers Automotive Consultants Inc., but the seasonally adjusted rate of sales was 1.59 million, lower than the first two months of the year where that measure was around 1.7 million. RBC’s spending tracker shows that while spending on goods is slipping, spending on non-essential services is still strong.
The central bank paused rate hikes at its most recent meeting in order to let their effects work through the economy.
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