Canada February retail sales -0.2% vs -0.6% expected

• Prior was +1.4% (revised to +1.6%)
• Advanced flash estimate was +0.6%
• Ex autos -0.7% versus -0.1% expected.
• Prior ex autos +0.9%
• Ex auto and gas +0.1%
• Advanced retail sales for March -1.4%
• Full report

This is a disappointing reading, both for the poor ex-autos number in February and the expected drop in March. High rates are really beginning to bite the Canadian consumer.

What's been holding up these numbers is motor vehicle and parts dealers, which rose 0.9% in the seventh consecutive increase. That's a tough one to square but could be pandemic-delayed deliveries. Clothing was also a solid contributor, rising 4.9%

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