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Retail Sales Remains Negative in January Again in Canada
The economy of Canada has been weaker than the southern neighbour, as the US economy is running on all cylinders right now, while in Canada we have been seeing mixed numbers. I think that coronavirus restrictions make the difference here, since most of the US is quite relaxed. Retail sales turned negative in December in Canada and today’s report showed another decline in January, as restrictions increased again.
Canada January 2021 retail sales data:
- January retail sales -1.1% vs -3.0% expected
- Prior was -3.4%
- Retail sales ex autos -1.2% vs -2.7% expected
- Feb advance estimate +4.0%
- Clothing and accessories -17.8% m/m
- Furniture -15.1%
- General merchandise stores +3.3%
- Building material and garden equip +2.9%
- Motor vehicles and parts -1.0%
- Sales down in 6 of 11 sub-sectors
- Full report
Statistics Canada said about 14% of retailers were closed at some point in the month due to COVID-19 restrictions. This is the second month of declines following seven consecutive gains but it looks like Feb and March will be much stronger.
USD/CAD is a bit lower on the headlines but the market isn’t giving this report much thought with all the focus on oil at the moment. Crude has given up its gains and is down 39-cents to $59.59.
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