Nathan Janzen, senior economist at RBC Capital Markets, notes that the Canadian retail sales edged 0.1% lower in December, although were a somewhat stronger +0.2% excluding price effects.
Key Quotes
“A drop in gasoline prices explained almost all of a 3.6% drop in sales at gasoline stations. Motor vehicle sales increased 1.0% but electronics sales fell 4% after rising 2.1% in November.”
“For all of 2018 the volume of retail sales increase by 0.7% “” well-below the almost 6% increase in 2017. And more recent trends have been if anything softer. Retail volumes were unchanged in the fourth quarter.”
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