Prior month for April -1.2% revised up to -0.9%

The retail sales for May in Canada came in better-than-expected at 2.0% versus 1.0% expected. The prior month (which was worse that expected at -1.2% last month) was revised higher to -0.9%.

  • Retail sales Ex auto for May 1.4% versus 0.5% expected. The prior month was revised up from -0.1% to up +0.2%. Good numbers too.
  • Sales rose in 8 of 11 subsectors, representing 70% of retail trade.
  • Higher sales at motor vehicle and parts dealers and at gasoline stations were the main contributors to the gain in May. Excluding these two subsectors, retail sales were still up 0.9% though.
  • Sales at motor vehicle and parts dealers (+3.7%)
  • Receipts at gasoline stations (+4.3%) were up for the second month in a row
  • General merchandise stores (+3.2%), building material and garden equipment and supplies dealers (+5.4%) and clothing and clothing accessories stores (+2.8%) also contributed to the gain.
  • Food and beverage stores (-2.1%) posted a sales decline for the fourth time in five months.
  • Seven provinces reported higher sales in May, with Ontario and Quebec more than offsetting their declines from April.
  • The prior release

The USDCAD is moving lower after the better than expected data.