September’s retail sales shaped up largely as expected, falling 0.7% M/M on a 0.8% drop in volumes.

Results were anchored by a ~4% decline in vehicle sales, which dragged down the group on an absolute basis - more than offsetting stronger fuel & food sales…

… and driving provincial results, with Ontario and Quebec weighing on the print. BC was weak too, driven by lower sales at building material dealers.

We should see more of the same in October, with preliminary estimates calling for stabilization at current levels.