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MNI: Canada Retail Sales Remained Choppy Through December

(MNI) OTTAWA

Canadian retail sales remained choppy through the end of last year, with a flash estimate showing a 0.5% gain in December following a 0.1% decline in November.

Sales have alternated between gains and losses since August according to Statistics Canada figures published Friday, partly reflecting consumer sensitivity to the Bank of Canada's 4 percentage points of rate increases in 2022. Investors see the Bank hiking another quarter point to 4.5% Wednesday with inflation still more than triple the Bank's 2% target and Governor Tiff Macklem arguing he must pull back demand in an overheated economy and any recession this year will likely be mild.

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Canadian retail sales remained choppy through the end of last year, with a flash estimate showing a 0.5% gain in December following a 0.1% decline in November.

Sales have alternated between gains and losses since August according to Statistics Canada figures published Friday, partly reflecting consumer sensitivity to the Bank of Canada's 4 percentage points of rate increases in 2022. Investors see the Bank hiking another quarter point to 4.5% Wednesday with inflation still more than triple the Bank's 2% target and Governor Tiff Macklem arguing he must pull back demand in an overheated economy and any recession this year will likely be mild.

Keep reading...Show less