Canada Retails Sales are stronger than expectations
They rise by 1.9% for the month of January which is greater than the 1.0% expectation. Ex Autos, the sales increased by 1.3% versus 0.4% expectation. The gain was first in 4 months and the largest since July 2006. This should be bullish for the Canadian dollar (down USDCAD). Discounting after dismal Christmas sales helped the sales.
Total retail 1.9% vs -5.2%
ex-vehicles 1.3% vs -3.1%
Automotive 3.8% vs -11.8%
Gas stations 2.6% vs -9.9%
Furn/electronics -0.7% vs -2.7%
Building supplies -1.4% vs -5.5%
Food & beverage 2.1% vs -1.2%
Supermarkets 2.2% vs -0.8%
Pharmacies 2.0% vs-1.5%
Clothing 3.0% vs -3.7%
New Auto Vehicle Sales increased by 5.5% for the month. The prior month was revised to a better -10.8 decline versus a -14.8% decline originally reported.
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