May ended on an up note based on ICSC-Goldman released earlier this morning and now Redbook whose year-on-year same-store sales rate rose 3 tenths to plus 3.5 percent. Redbook's month-to-month indication is plus 0.7 percent which points to a solid rebound for the government's ex-auto ex-gas reading for May which slipped 0.1 percent in April. Chain stores will post their individual results on Thursday.
A weekly measure of comparable store sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC-Goldman index. It is also calculated differently than other indicators. For instance, figures for the first week of the month are compared with the average for the entire previous month. When two weeks are available, then these are compared with the average for the previous month, and so on through the month. It might be more useful to compare year-over-year figures since these are indeed compared to the comparable week a year ago. This index is correlated with the general merchandise portion of retail sales covering about 10 percent of total retail sales.
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