Canada Retail Sales Mom

Retail sales in Canada likely fell by 0.6% month-over-month in February of 2023, preliminary estimates showed. Considering January 2022, retail sales jumped by 1.4% from a month earlier, following a revised flat reading in December and above preliminary estimates of a 0.7% advance. Sales increased in 9 of the 11 subsectors, led by a sixth consecutive increase for motor vehicles and parts (3%) as retail in new car dealers rose by 3%, the most since May 2022. Sales also increased at gas stations and fuel vendors (2.9%), clothing, accessories, and leather goods retailers (1.8%), and food and beverage retailers (0.8%). Excluding autos, retail sales edged 0.9% higher in January, above estimates of 0.6%. Year-on-year, Canadian retail expanded by 5%, easing from the downwardly revised 5.9% drop in the previous month.