Ljundgren writes: “Canadian retail sales posted their third healthy increase in a row in May, a sign of strength that analysts said boosts the case for another rate hike this year”. This is certainly not true of the volume of sales, and since the Bank of Canada pays much more attention to real GDP growth than to nominal GDP growth, this is surely more relevant to their policy-making, and much else, than the value of sales. By either volume measure (Fisher (the misnamed chained-dollar estimates) or Laspeyres) sales grew at a monthly rate of 1.3% in March and 1.1% in May, but fell by 0.2% in April.