- Prior was -1.4%
- April advanced estimate was -0.2%
- Ex autos +1.3% versus +0.4% expected
- Prior ex autos came in at -0.3%
- May advanced retail sales +0.5%
- Sales up 1.4% y/y, inflation adjusted but down 0.4% excluding autos
This is a strong report and the advanced May number shows that the Canadian consumer is holding up better than feared.
Core sales have risen for five consecutive months and overall sales rose in 8 of 9 subsectors led by ‘general merchandise up 3.3% and food and beverage up 1.5%. However one small warning sign was the 1.6% drop in furniture, home furnishings, electronics and appliance retailers. Those are classic forward-looking categories of consumer health.
USD/CAD is largely unchanged on the data.