Some large Canadian retailers reported a failing consumer this summer in earnings and now it’s time to see the official data. We get the June retail sales report today, which is expected to be flat but eyes will be on the July advance reading.
The consensus on June is 0.0% and +0.3% ex-autos while there is no consensus on July. The Bank of Canada went back into hiking mode in June, with the effects felt in July so there could be a stark drop.
If it swings positively, services may be holding up better than goods, so watch that breakdown.