Econoday Report: Redbook 13, 2008

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2008 U.S. Economic Events & Analysis

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Redbook

Definition
A weekly measure of sales at chain stores, discounters, and department stores. It is a less consistent indicator of retail sales than the weekly ICSC 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. 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 only about 10 percent of total retail sales. Why Investors Care

Released on 5/13/08 For wk 5/10 2008

Store Sales Y/Y change
Actual	2.0%
Previous	1.4 %

Highlights
Redbook reports a +2.0 percent year-on-year pace for same-store sales in the May 10 week, a solid pace that contrasts sharply with a +0.5 percent rate reported earlier this morning by ICSC-UBS. The two reports had been moving in line together, reporting strength through April and that is now confirmed by today's retail sales report from the Commerce Department that showed wide strength in non-auto non-gas categories (autos, gas and food services are not tracked by Redbook or ICSC-UBS). Now the reports are going their separate ways, at least early in the month. Tax rebates, consumer spirits, weather and of course gas and food prices will all shape May's results.

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