December retail sales data from Statistics Canada
- Prior was +0.2% (revised to +0.3%)
- Retail sales ex autos -0.3% vs +0.5% expected
- Prior ex autos +0.1% (revised to -0.1%)
- Ex-autos reading lowest since June
- Full report
This is a weak report at a critical time of year for retailers. In particular, the ex-autos number missed badly along with a negative revision. It's not necessarily a dire sign because the past four months of data has been strong but it will leave the BOC in a cautious stance.
USD/CAD touched at session high of 1.32 after the headlines.
Details:
- Furniture & home furnishings -2.4% m/m
- Electronics/appliances -2.3% m/m
- Health/personal care -4.1% m/m
- Gasoline stations +6.6% m/m
- General merch stores -1.3% m/m
- Miscellaneous -1.2% m/m
- Building materials +0.7% m/m
There isn't a silver lining in the details. "Store types typically associated with holiday shopping registered weaker sales in December," StatsCan said.