Debit, credit card spending reflects slowing retail sales: Report

Debit, credit card spending reflects slowing retail sales: Report

A pullback in credit and debit card spending across Canada continued in the second quarter of 2018, with growth of 3.3 per cent marking the lowest quarterly increase in nearly four years, according to a report by payments processor Moneris.

The results come amid high household debt and rising interest rates, and mirror recent Statistics Canada data showing that retail sales in April fell 1.2 per cent — the largest drop in more than two years.

The Moneris report says April was the weakest month of the second quarter with payment card spending in dollar terms increasing 2.9 per cent year-over-year. Spending rebounded with improving weather in May and June to post growth of 5.9 and 3.1 per cent respectively.

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