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Retail Sales On Friday Come Into Domestic Focus

CANADA
  • Canadian retail sales for May and the June advance are coming into focus, to be released Friday at 0830ET.
  • Analysts don’t see a reason to change the 0.5% for May from the advance release, although Scotia note that this “advance guidance that has been marred by shaky reliability and declining sample response rates”.
  • CIBC agree that May could match the flash but “expect muted volume gains in the flash estimate for June”.
  • Volumes outturns for May will be important, as April’s nominal strength (1.1% M/M for total sales, 1.5% for ‘core’ sales ex auto & gas sales) was heavily inflated by prices with volumes up just 0.3% M/M after a cumulative two-month decline of 1.8% through Feb-Mar.

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