- Prior was +0.9% (revised to +0.7%)
- Prelim May estimate from StatCan was +1.6%
- Ex autos +1.9% vs +1.6% expected
- Ex autos and gas +0.6% vs +1.0% prior
- Flash estimate for June +0.3%
- Sales increased in8 of 11 subsectors led by gasoline stations and auto dealers
- Gasoline stations +9.2%
- Retail ecommerce down 23.5% y/y and -2.9% m/m
- Full report
This is a good report and underscores the optimism the Bank of Canada has about ongoing growth in the country, despites some major worries about the housing market. The flash estimate for June shows the consumer holding up as well it what looks like a great quarter from retail, albeit with a big drag from inflation .
In July, sales will likely fall because gas prices are down more than 10%
In terms of the breakdown, there's weakness in building materials but that's still up 5.7% y/y while 'miscellaneous stores' include pet stores, cannabis stores and office supplies and stationery stores.
