Canada retail sales for March -0.2% versus 0.0% expected

• Prior month -0.1%
• Retail sales for March -0.2% vs 0.0% expected. Prior month -0.1%
• Retail sales ex-autos -0.6% versus 0.1% expected. Prior month -0.3% revised to -0.2%. This is the first decline in four months and was broad-based with sales at all but one core retail subsector being down
• The preliminary estimate for retail sales for April came in at +0.7%. That helps to soften the blow from the unexpected decline

Details:

• Sales were down in seven of nine subsectors and were led by decreases at furniture, home furnishings, electronics and appliances retailers.
• In volume terms, retail sales decreased 0.4% in March.
• Retail sales were down 0.2% in the first quarter, while in volume terms, retail sales increased 0.3%

Sales were down in six provinces:

• Retail sales decreased in six provinces in March.
• Ontario experienced the largest provincial decrease (-0.3%), driven by lower sales in:
  • Sporting goods
  • Hobby
  • Musical instrument
  • Book and miscellaneous retailers
• In the Toronto CMA, sales increased by 1.5%.
• Saskatchewan saw a retail sales decrease of 3.4%, primarily due to lower sales at motor vehicle and parts dealers.
• The largest provincial increase in retail sales in March was in Quebec (+0.6%).
• In the Montréal CMA, sales increased by 0.3%.

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This article was written by Greg Michalowski at www.forexlive.com.