Data released by Statistics Canada just a few moments ago showed retail sales falling 0.6% in January to $69.4 billion, after rising by about 2.6% in December’s revised reading. Expectations were for a 0.4% decline, driven by a decline in motor vehicle and parts sales.

Core retail sales, excluding gas stations and motor vehicle and parts sales, rose 0.2% in January, while December’s reading was revised to a 2.6% increase. Sales declined in three of the nine subsectors.

The motor vehicle and parts sector led the decline, declining by 2.6%, while new vehicle sales fell by 3.2%. Gas station and convenience store sales rose by about 3.2%, marking the fourth consecutive monthly increase.