Canadian retail sales fell -1.1% mom to CAD 69.2B in May, with the decline driven largely by -3.6% mom drop at motor vehicle and parts dealers. While the headline figure disappointed, core retail sales—which exclude autos and gasoline—were flat, suggesting underlying consumption was more stable than the headline suggests.
Looking ahead, Statistics Canada’s advance estimate points to a 1.6% mom rebound in June sales, which could help ease fears of weakening domestic demand.
