Same Store Retail Sales Get Easter Boost

Store sales got a boost from Easter spending, especially in the South. Redbook's same-store sales index rose 1.5 percent year-on-year for the March 26 week, which is no more than a moderate rate but well above recent trend. The report notes that retailers with the most exposure to the South, which celebrates Easter with more formality, reported the best sales. This week aside, the subdued rates of growth in this report do not change the longer term picture of stagnation in consumer spending, especially in light of yesterday's surprisingly weak personal income and spending report, which showed only a 0.1 percent rise in personal spending in February and a sharp downward revision for January from up 0.5 percent to up 0.1 percent.