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.