Canadian wholesale data
- Prior was +0.1% (revised to +0.3%)
- Inventories flat vs +1.1% prior
- Ex autos -0.5%
This isn't generally a market mover but the BOC is in datawatch mode and every number matters more than it usually does. This one isn't going to help.
The big miss was in autos, which were down 2.1% and the miscellaneous category, which fell 3.7%. Falling autos will probably be shrugged off as a seasonal or one-time skew but note that in January, auto inventories fell 2.9% as well, so many it's a sign of what auto dealers are seeing from consumers.
