October 2019 retail sales data from Statistics Canada:
- Worst month since Nov 2018
- Prior was -0.1%
- Ex autos -0.5% vs +0.2% expected
- Prior ex autos +0.2%
- Lower sales in 8 of 11 subsectors
- Motor vehicles and parts -3.2%
- Building materials and garden equipment -3.1%
- Gasoline stations +1.5%
- Food and beverage stores -0.4%
- Furniture and home furnishings -0.5%
- Electronics and appliances -3.0%
- Closing and accessory stores +2.5%
This is a big miss. USD/CAD jumped on the headlines. The decline was mostly due to soft auto sales -- which are volatile -- but the fall in the ex-autos line is also significant. The most economically-sensitive areas are generally furniture and electronics and both were soft with electronics and appliances stores down a whopping 17.2% y/y.
