It's a red flag. Any time the nation's largest retailer stumbles a bit, it's a warning sign.

[The report indicates] consumer spending is gearing back, ... It is very much in line with sagging in consumer confidence in recent months. Although it does not suggest that consumer spending is falling apart, it is losing a lot of steam.

Canadian consumer spending is finally poised to hit the brakes after a spectacular run earlier this year,

The industrial sector is cruising along at a moderate but not spectacular pace, and that's a good thing at this stage of the expansion.

Forecasts of parity (with the U.S. dollar) are multiplying faster than bunny rabbits in May.

Given that there are virtually no other signs that Canadian spending suddenly weakened in February, this sharp drop in imports is likely to prove to be a fluke.