Canadian November retail sales data
- 7 consecutive increases
- Prior was +0.4%
- Ex autos +2.1% vs 0.3% expected
- Advance December estimate -2.6%
- Sales at motor vehicle and parts dealers -0.9%
- Sales driven by food and beverage stores (+5.9%) and supermarkets (+6.5%)
- Building materials +2.2% and General merchandise stores +1.6% also contributed
- Clothing at -3.0% was a drag
- Sales up in 7 of 11 subsectors
- Retail ecommerce sales +75.9% y/y
This is a very strong reading. The highest economist estimate was +0.8% and it blew that away.
The December soft estimate is taking the shine off this number but if you go back a month, they forecast a flat reading in November so StatCan is struggling to get it right.
USD/CAD is barely moved on this. The December estimate takes the shine of November and, either way, November is old news.
