Highlights
This month's colder weather has been boosting demand for winter goods, demand which was soft during the unusual warmth of December. But warm weather returned in the January 28 week, driving retail sales lower according to Redbook whose same-store sales tally shows a plus 2.0 percent rate, 5 tenths below the prior week and the worst reading since the Easter distortions of April and March. Redbook offers a month-to-month reading which, at minus 1.8 percent, points to trouble for the ex-auto ex-gas component of the government's retail sales report. But Redbook, as well as ICSC-Goldman, well over estimated the sales strength of December which raises the risk that they may now be under estimating the strength of January.