Freezing polar temperatures pulled retail sales lower in the January 11 week with Redbook's same-store year-on-year rate at plus 2.9 percent for a very large 1.2 percentage point decline from the prior week's year-on-year rate. The report notes that consumption, following the holidays, is now shifting back to basic commodities and food.
Due to heavy weather, January has gotten off to a rough start for the nation's retailers but is far overshadowed by a strong December based on this morning's ex-auto ex-gas reading in the government's 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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