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Scotiabank Warn On Retail Sales Missing Service Rotation

CANADA
  • Scotiabank warn against reading too much into the softer underlying details to today’s retail sales data.
  • They note that retail sales volumes have been “treading water for a protracted period of time” but that it’s occurred alongside solid trend total consumption growth due to “the rotation toward services spending that is not captured in retail sales one bit in Canada given how Statcan defines them”.
  • StatCan doesn’t report on services and “they also exclude online purchases through foreign e-commerce sites (eg. Amazon.com, but Amazon.ca is included). In essence, retail sales don’t capture any of the great rotation toward services spending. That’s a uniquely Canadian thing. The US, by contrast, seeks to include at least some of this type of spending by including, for example, spending at eating and drinking establishments.”
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