Redbook: January Retail Sales Down -1.5% Vs December; Up 1.0% YoY, Miss Estimates

The January data for the Johnson Redbook retail index is out, missing the MNI consensus for both YoY change, which was at 1.0%, compared to a 1.2% consensus, while month over month Redbook was down 1.5% compared to december, on expectations of a 1.2% drop.

Index commentary from Market News:

Sales performance pulled back slightly from the previous week's gain. Stores were satisfied with their inventory position. Many claim that better inventory management this year has allowed them to discount less aggressively than was the case last January. Approaching Super Bowl Sunday, retailers are rolling out interest free and price cuts on HDTV's to lure shoppers. Looking ahead, February is a four-week month on the retail calendar, ending on February 27th and is the start of the fiscal year for most retailers. The month contains three major events, Super Bowl Sunday, Valentine's Day and President's Day.

This month's consumer credit number will be watched with great interest by numerous pundits to see if the ongoing credit contraction may finally be receeding as the Fed's loan conditions indicate.

Comments

[Cheshire.Cat]

Who on Earth will be giving presents to anyone on President's Day this year?

[suteibu]

Is this a green shoot?  I expected  more of a drop.  It's hard to tell these days.

[lsbumblebee]

I'm sorry but I have this report on ignore. I'm instead focusing on the miniscule rise in pending home sales, which will no doubt be revised downward next month.

[Hephasteus]

Give people the power to revise history, revise law interpretation, revise accounting procedures you pretty much end up with  a world full of data that doesn't mean damn thing. It's the story of the recovery with the starting date moved forward month after month.

[Ivanovich]

Definitely a green shoot.  Have you seen the market?  Up and away!

[Anonymous]

The PPT will not let it go down! They know if the market tanks its going to be game over.