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Volumes In Focus For Retail Sales

CANADA
  • Consensus for May per the StatCan advanced of 1.6% M/M with ex-autos +1.9%.
  • CIBC expect that 1.6% to look much less impressive in volume terms. Sales ex-autos could be up 2.3%, mostly due to the strength in gasoline prices.
  • They see the June estimate with another acceleration due to price pressures and a rebound in auto sales, but again with volumes likely weak (released following month) on increasing rotation to services this summer plus high inflation and rate hikes limiting spending.
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