Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Canadian retail sales fell a more than expected 5.7% in April and a flash estimate showed a 3.2% fall in May that reflected third-wave pandemic lockdowns, government figures showed Wednesday. Perhaps explaining some of the April weakness, the March figure was revised up to 4.5% from 3.6%.
Sales excluding automobiles and gasoline fell 7.6% in April, including a 31% drop at clothing stores, Statistics Canada said.
Canada's April retail sales in dollar terms
Source: Bloomberg
Economists predicted April sales would decline 5.1% in April, though many see a strong rebound starting in June as the most populous provinces such as Ontario and Quebec began lifting restrictions as a clear majority of Canadians got their first vaccine shots.
Sources have told MNI the rebound should be strong enough for the BOC to taper QE again at its July meeting.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.