Canada February retail sales -0.1% vs +0.1% expected

• Prior month -0.3%
• The February advance estimate was +0.1%
• Ex autos -0.3% vs 0.0% expected
• Prior month ex auto +0.5% (revised to +0.4%)
• Ex auto and gas 0.0% vs +0.4% prior
• Sales down in 5 of 9 subsectors led by fuel stations
• Advance March retail sales 0.0%

The advance number is the important one here. It would market two months of weakness in a row and comes despite higher gasoline prices in March. This should further clear the way for a June Bank of Canada rate cut.

For February, higher sales were reported at general merchandise retailers
(+1.1%) and, to a lesser extent, health and personal care retailers
(+0.4%).

Offsetting these gains in February were lower sales at furniture, home furnishings, electronics and appliances retailers (-1.5%), clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers (-1.0%) and building material and garden equipment and supplies dealers (-0.4%).

This article was written by Adam Button at www.forexlive.com.