Highlights
Redbook continues to report extreme rates of deterioration in same-store retail sales: minus 5.8 percent year-on-year in the July 18 week for a minus 1.7 percent plunge from June. The year-on-year rate is a new low but not the month-on-month drop, which is modest compared to the 4.3 percent catastrophe Redbook indicated for June. Redbook hasn't been commenting on why its readings are so extreme though the sweep lower began when Wal-Mart was removed from the sample. In any case, weekly retail reports and nearly all company news out of the sector point to still severe contraction in the retail sector. |
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