- Prior was +0.7% (revised to +0.6%)
- Ex autos -1.3% vs -0.5% expected
- Prior ex-autos +1.8% (revised to +1.7%)
- Ex autos and gasoline -1.4% vs +1.4% prior
- Largest decrease in sales was at food and beverage retailers (-1.9%)
- Lower sales in May were also reported at building material and garden equipment and supplies dealers (-2.7%) and general merchandise retailers (-1.0%)
- Preliminary June data -0.3% m/m
- Full report
The market was pricing in a 95% chance of a BOC cut ahead of the data and I’d say it’s a certainty after this with the case growing to continue cuts at the Sept meeting.
The Canadian consumer is rolling over. In a separate report, the Scotiabank Canadian Spending Tracker ended Q2/24 on a weak note, with June’s year-over-year growth at +2.6%, its weakest since early 2021 during the pandemic.
USD/CAD is up 17 pips to 1.3722, which is the highest since July 1.
