Canada November retail sales +0.7% vs +1.2% expected


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Canada retail sales
  • December advance flash estimate -2.1%
  • Prior was +1.6%
  • Ex autos +1.1% vs +1.3% expected
  • Prior ex autos +1.3%
  • Ex autos and gas +0.5% vs +1.5% prior
  • New auto sales +0.1% vs +2.8% prior
  • Building material and garden equipment +3.0% vs +3.2% prior
  • E-commerce -3.5% vs -0.9% m/m prior
  • E-commerce sales up 1.1% y/y

There’s been a shift in BOC expectations towards a hike next week but this puts a damper on that, particularly with December looking especially soft. A big part of that is omicron though and the BOC is likely to look past that and instead focus on inflation and runaway house prices.