December retail sales data from Statistics Canada
– 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%)
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.
