Cold weather is making for a slow start to consumer spending this year, indicated not only by weak readings in recent consumer sentiment measures but also by the weekly chain-store reports. Redbook reports a very soft plus 3.1 percent year-on-year pace for same-store sales in the January 18 week following an even more depressed plus 2.9 percent rate in the prior week. Indications from ICSC-Goldman, released earlier this morning, are even weaker.
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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