Headline retail sales rose 0.5% to C$73.03 billion, but core spending excluding fuel and autos fell 0.7% – a softer read on consumer demand.
Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas including markets and economic news, reports on Canada’s April retail sales.
The print
Canada’s retail sales rose 0.5% in April from March to C$73.03 billion, slightly below the 0.6% increase economists polled by Reuters had expected, according to Reuters citing Statistics Canada. The gain was led mainly by gasoline stations and fuel vendors, while core retail sales – which exclude gasoline and autos – fell 0.7%, a second straight monthly decline, pointing to a softer underlying consumer backdrop than the headline suggests. Sales at gasoline stations and fuel vendors rose 5.1% in value, and Statistics Canada’s advance estimate points to a 1.0% increase in May.
The headline gain overstated the strength of underlying demand: strip out fuel and autos and Canadian spending actually fell, which is the number that matters for reading consumer health.
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The headline rose mostly because fuel sales jumped. Reuters said gasoline-station and fuel-vendor sales rose 5.1% in value while core sales fell 0.7%, so higher fuel prices, not broad demand, did most of the work behind the 0.5% headline gain.
A 1.0% May estimate could reset the soft tone. Statistics Canada’s advance estimate points to a 1.0% increase in May, though advance figures are preliminary and subject to revision.
The soft core print fits the morning’s broader Canadian picture, from OSFI’s move to let banks deploy more capital to a TSX trading at a one-week low.
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