Canadian retail sales fell 0.1% in Feb, mainly due to lower gas station sales, while motor vehicle dealers saw a 0.5% increase; March sales remained unchanged.

Canadian retail sales fell 0.1% in Feb, mainly due to lower gas station sales, while motor vehicle dealers saw a 0.5% increase. March sales remained unchanged according to preliminary data, but may be revised. Discretionary spending in areas like home furnishings and electronics has decreased, suggesting tightening consumer belts amid mortgage renewals. The weak consumer backdrop supports speculation of a Bank of Canada interest-rate cut in June.

April 24, 2024
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