Retail Sales Signal It's Quiet at Canada's Malls, Says BMO

MT Newswires04-24

Canadian retail sales dipped 0.1% m/m in February, a few ticks weaker than expected, and the early reading for March was also flat on Wednesday, noted Bank of Montreal (BMO). Auto sales were firm, ...

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Excluding autos and gasoline, core retail sales were flat in the month, still a soft reading. Indeed, electronics , furniture , clothing  and building materials  were all down in the month, highlighting broad-based softness, while general merchandise added to the gain in autos.Retail volumes fell 0.3% in the month, adding to the softness of the report. That leaves sales volumes up a modest 0.9% from a year ago, but a firmer 4.3% annualized over the latest six months -- the February dip stems from some decent recent momentum, stated BMO. Goods inflation has melted , but these are still pretty sluggish volume trends considering 3%-plus population growth.So far, the early read on retail and an even softer early look at manufact","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BMO":"蒙特利尔银行"},"translate_title":"蒙特利尔银行表示，加拿大商场的零售销售显示出平静","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BMO":1},"content_text":"Canadian retail sales dipped 0.1% m/m in February, a few ticks weaker than expected, and the early reading for March was also flat on Wednesday, noted Bank of Montreal (BMO). \n\n Auto sales were firm, but gasoline station receipts fell 2.2% m/m which weighed on the headline. Excluding autos and gasoline, core retail sales were flat in the month, still a soft reading. Indeed, electronics (-2.8%), furniture (-1.0%), clothing (-1.0%) and building materials (-0.4%) were all down in the month, highlighting broad-based softness, while general merchandise added to the gain in autos. \n\n Regionally, the performance was very mixed in February and remains so from a year ago, said the bank. Newfoundland & Labrador, Nova Scotia and Saskatchewan lead the growth table with better than 3% y/y prints, while Alberta lags (-2.1% y/y) largely because of weaker gas station sales.\n\n Retail volumes fell 0.3% in the month, adding to the softness of the report. That leaves sales volumes up a modest 0.9% from a year ago, but a firmer 4.3% annualized over the latest six months -- the February dip stems from some decent recent momentum, stated BMO. Goods inflation has melted (1.1% y/y as of March versus 4.5% y/y for services), but these are still pretty sluggish volume trends considering 3%-plus population growth.\n\n Canadian consumer spending continues to struggle with the impact of past rate hikes and, while sales volumes are fully retrenching, one has to view these trends as sluggish when the country is cranking out historic population growth, according to the bank. That said, the economy still looks on pace to post decent growth of around 0.2%-to-0.4% in February (the initial flash estimate was +0.4%), but the bank will see how March fares. \n\n So far, the early read on retail and an even softer early look at manufacturing also out Wednesday (-2.8% m/m) suggest some softness. All in this data flow should keep a June Bank of Canada (BoC) rate cut on the table, inflation willing, added BMO","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430665734"}