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Retail Sales Could See Weak December Advance

CANADA
  • Retail sales land tomorrow for November and the December flash, the last notable data point before Wednesday’s BoC decision.
  • Consensus sticks to the flat print implied by last month’s Nov flash (cons 0.0% M/M), and with a similar reading for sales ex autos (-0.1% M/M).
  • CIBC: “More discretionary areas of spending likely struggled as households continue to make cutbacks due to higher interest rates. The advance estimate for December could look weak in nominal terms, partly due to the impact of lower gasoline prices.”
  • RBC: “Our own RBC cardholder data suggests purchases of physical merchandise (excluding motor vehicles) are tracking higher in Q4 as a whole, but December marked a slowdown in both discretionary goods and services spending.”
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