Canadian December data
- First decrease in three months
- 5 of 7 subsectors lower
- Prior was +0.7%
- Inventories +1.7% vs -0.7% prior
- Prior revised to -0.7% from -1.2%
- Wholesale trade up 9.4% y/y - highest growth rate since 1997
- Full release
The market has been increasingly sensitive to Canadian economic data lately and this soft reading hits with the loonie already at the worst levels of the day.
The personal & household goods sector lagged, falling 3.3%. Home entertainment equipment and household appliances were especially soft in December, which is a poor sign for housing.
