Redbook reports weak retail activity in the May 1 week. The report's year-on-year rate fell to plus 1.7 percent vs. a plus 2.2 percent rate in the prior week for the weakest reading since February. The report pegs month-over-month sales at minus 2.2 percent, below their target for minus 1.9 percent and pointing to weakness for the ex-auto ex-gas reading in the Commerce Department's retail sales report. Redbook said some stores complained of weak traffic and it noted weather and flood effects in the Southeast. This report contrasts with ICSC-Goldman which shows less weakness. Chain-store results on Thursday will settle the issue, setting up expectations for the April retail sales report.
A weekly measure of comparable store sales at chain stores, discounters, and department stores. Redbook tracks week-to-week change, month-to-date change, and year-on-year change with the latter the most closely watched reading. The report offers early indications on ex-auto ex-gas retail sales.
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