Content adapted from this Zerohedge.com article : Source
The global economy is reported to be on fire. Pundants all over television are touting howstrong the economy is. It is doing so well that the U.S. Federal Reserve has started to get a bit hawkish.
All is not as rosy as we are being told.
For the retail industry, the 4th quarter is make or break. Today, we got word of how things were for Canadian retailers.
Canadian retail sales have come out and they are shockingly low - even after bad weather and higher rates on big ticket items had kept surveys particularly low for December.
The headline print was -0.8% MoM (expectations were for no change)
It is very concerning since the miss was so large. These numbers tend to volatile but to miss by so much could be of major impact.
The CAD is getting crushed today on the news.
Non-adative content found at zerohedge.com: Source
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