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US Retail Sales -0.2% 1st 2 Weeks Of Jan
Wednesday, January 23, 2008
Redbook: US Retail Sales -0.2% 1st 2 Weeks Of Jan Vs Dec
NEW YORK (Dow Jones)--U.S. consumers are feeling the pinch of a slowing economy, with Redbook Research's latest indicator of national retail sales unexpectedly dropping.
U.S. chain store sales unexpectedly fell 0.2% in the first two weeks of January compared with the previous month, according to data reported Wednesday.
The index's decline compared with a targeted 0.1% gain, according to the report.
"Sales continued below plan for most companies in our model," said Redbook Research in the release. "Retailers are very cautious by keeping their inventories tight for spring and summer until they see evidence the economy is growing again."
The Johnson Redbook Index also showed seasonally adjusted sales in the two-week period rose 0.8% compared with January 2007, compared with the target increase of 1.1%.
Redbook said on an unadjusted basis, sales in the week ended Jan. 19 were up 0.7% from the same week in 2007, after a 0.9% gain the previous week.
