June’s retail sales shaped up largely as expected, gaining 1.5% M/M on an identical gain in volumes.

But the mix behind the print was different, with strength in food and clothing retailers carrying weaker growth in vehicle sales. With that, core retail sales jumped 1.9% - outpacing estimates of 1.1%.

At a regional level, strength in key provinces more than offset weakness in smaller economic regions…

… but that looks set to reverse course in July, with preliminary estimates suggesting a 0.8% slowdown versus this print.

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