Chain Stores Report Weaker Year-On-Year Sales

Chain stores reported sharply weaker rates of year-on-year sales in April following what were weak sales in March. Calendar shifts tied to Easter jumble year-on-year readings which are smoothed out by taking the two months together. And the two months of March and April are decidedly weak. The ex-auto ex-gas reading of the government's retail sales report has been uneven so far this year and generally flat. Today's report points to the risk of April contraction for this core reading.