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Mixed Advance Sales For January Ahead Of GDP

CANADA DATA
  • StatsCan estimates manufacturing sales increased +0.4% M/M in the advance report for January, a fairly mild bounce after the -0.7% in Dec.
  • The advance estimate for wholesale sales meanwhile is -0.6% M/M, following +0.3% in Dec for its largest decline since Sept.
  • The two series offer further conflicting themes when looking in nominal trends, with mfg sales -2.8% on a 3m/3m annualized basis vs wholesale sales +2.5% annualized.
  • Ahead of Thursday’s Dec GDP report which includes the January advance, last week's retail sales added to a mixed Jan outlook after nominal sales were indicated at -0.4% M/M but still up +3.8% on the same 3M/3M basis.

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