Canada has never been more divided. With Vancouver being taken over by the rich Chinese, and Calgary nearing depression, roles have been dramatically reversed across Canadian provinces as spending in non-energy-producing regions hits a record high relative spending in those dependent on oil…
Home prices show the divide between Canada's haves and the have-nots… (as wealthy Chinese money floods into certain regions)…
But among average-joes, it seems pitifully low oil prices are unequivocally divisive across the nation…
Canada’s consumers are ramping up retail spending, but only those who reside in the non-energy-producing provinces. As Bloomberg reports, retail sales in Alberta, Newfoundland, and Saskatchewan fell 0.9% from a year earlier in February, while the rest of Canada saw spending rise 7.3%.
The divergence is at a record, with retail sales growth in non-energy provinces at least 8 percentage points higher than in energy provinces over the last six months, which is a reversal from the recent past: since the early 1990s, retail sales in the rest of Canada have averaged 1.6 percentage points below that of the oil-producing provinces.
We look forward to Mr.Trudeau's policies to fix this 'unequivocally' unbalanced situation.
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