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Canada’s Consumers Are Back
Canadian retail sales are rebounding in such fashion as to suit our narrative that the economy would soon lift itself out of the summertime soft patch that was driven by earlier lockdowns. That’s also the BoC’s bias and so at the margin these figures are constructive to the central bank’s tendency to largely look through earlier weakness. The most relevant new information within StatCan’s latest retail sales figures was the preliminary guidance for August retail sales. They were guided to be up by 2.1% m/m in value terms. This time there was zero guidance around the drivers, but we can probably at least infer ... (full story)