Redbook Weekly Retail Sales Impacted by Sandy and Halloween
The Redbook Retail Sales data, which is a part of the Johnson Redbook Index, is showing some mixed results for the retail sector and it is hard to imagine that Hurricane Sandy did not have some mixed impact. This morning’s…
The Redbook Retail Sales data, which is a part of the Johnson Redbook Index, is showing some mixed results for the retail sector and it is hard to imagine that Hurricane Sandy did not have some mixed impact. This morning’s report showed that U.S. retail sales were down by 0.6% in the first week of November, versus the first week of October, but that figure is actually up by 0.8% from a year ago. Hurricane Sandy and last minute Halloween shopping helped to provide the lift.
While this is a retail indicator, and while consumer spending is a huge portion of gross domestic product, these weekly retail readings are not really considered to be market-moving indicators.
-The 24/7 Wall St. Team
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.