February isn't that bad of a month for the nation's retailers based on Redbook whose same-store sales index is up a year-on-year 2.7 percent following the prior week's multi-month high of 3.1 percent. Redbook's monthly reading is up a very strong 1.4 percent which points squarely to strength for the government's ex-auto ex-gas reading for February. Payroll taxes may be up, gas prices may be up, this year's weather may be especially heavy, and this week's sequestration deadline is looming -- but the consumer appears to be spending at least according to Redbook. Watch for consumer confidence data later this morning from the Conference Board.
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.
Why Investors Care