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January Retail Sales....................>

CANADA DATA
CANADA DATA: January Retail Sales
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- Jan retail sales -0.3% m/m vs MNI and BBG consensus of +0.4%
- December sales revised down to -0.3% from -0.1%
- Feb was third consecutive decline for first time since Apr-Jun 2012
- Sales ex autos and parts +0.1% vs MNI and BBG consensus of +0.1%
- Much of the headline drop was price related as real were flat
- Downward surprise from weak auto sales (-1.5% on lower volumes)
- Nml declines concentrated in 4 of 11 subsectors (52% of retail trade) 
- Gas stations receipts -0.4%, but volumes +1.9%

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