Today’s data is a prelude to the March figures that will show a substantial decline in retail activity due to the mid-month closure of many non-essential retailers, per the Royal Bank of Montreal.
Key quotes
“Canadian retail sales rose 0.3% in February, about as expected, with the prior month revised up a couple of ticks to 0.6%.”
“Sales excluding autos were flat, while overall volumes rose 0.2%. This is a largely ‘as expected’ report, but February feels like a lifetime ago.”
“We continue to slog through the pre-virus data. Expect a very different tone for retail sales over the next few reports. Look for initial consumer stocking up on essentials in March though with broader declines elsewhere, and a more extreme version of the same in April with most discretionary stores closed.”
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