Canada January retail sales -1.1% vs -3.0% expected

News

Canada January 2021 retail sales data:

  • Prior was -3.4%
  • Retail sales ex autos -1.2% vs -2.7% expected
  • Feb advance estimate +4.0%
  • Clothing and accessories -17.8% m/m
  • Furniture -15.1%
  • General merchandise stores +3.3%
  • Building material and garden equip +2.9%
  • Motor vehicles and parts -1.0%
  • Sales down in 6 of 11 subsectors
  • Full report

Statistics Canada said about 14% of retailers were closed at some point in the month due to covid restrictions.

This is the second month of declines following seven consecutive gains but it looks like Feb and March will be much stronger.

USD/CAD is a bit lower on the headlines but the market isn’t giving this report much thought with all the focus on oil at the moment. Crude has given up its gains and is down 39-cents to $59.59.

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