Retail sales were weak in January and haven't improved in February, based not only on Redbook but also ICSC-Goldman which was released earlier this morning. Redbook's same-store year-on-year rate of plus 2.9 percent in the February 22 week is right in with rates earlier in the month. The 4-week average is also at 2.9 percent which is down slightly from 3.3 percent in late January. Heavy weather so far this year has kept a tight lid on retail sales.
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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