April 24, 2024, 08:58 AM

CIBC Comments on Canada's February and Advance Estimate Retail Sales Data

Canadian retail sales retreated further in February, as Canadians are becoming more cautious about spending as mortgages come up for renewal, said CIBC.

Wednesday's 0.1% m/m decline in nominal sales was below the consensus expectation of a 0.1% m/m gain, and the figure looked worse when excluding autos, showing a 0.3% m/m decline, noted the bank. Sales were down in five of nine subsectors and in seven provinces.

Things didn't look any better in volume terms, as real sales dropped off by 0.3% m/m.

The advance estimate for March suggested that sales were unchanged in the month, although some of that weakness will reflect lower goods prices.

Overall, Wednesday's report highlights the weak consumer backdrop in Canada, following a boost at the start of the year from warmer-than-normal winter weather and CIBC continued to expect a June rate cut from the Bank of Canada (BoC).

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