Paul Martin’s Business Update – October 27th, 2014

Activity in retail establishments in this province in August was virtually identical to numbers posted in July.

This steady-as-she-goes routine was in contrast to most of the country which saw a softening of consumer spending in local shops and malls. On a year-over-year basis, Saskatchewan saw a five percent increase.

That is roughly on par with both the growth in the population and inflation suggesting spending patterns may well have turned into a holding pattern. Either way, this still represents a passing grade for consumer confidence. This is especially highlighted by the decline in most of the country….while they went down, we did not.

Consumer spending is a barometer of broader attitudes among the public, offering the most concise picture of how the average citizen feels about their economic prospects. It is not influenced by things such as exports or global markets. This is all about the local situation, showing we remain on an upward track that has been in place since 2009, the only year we’ve seen retail sales fall in the past decade and a half.

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