Highlights
Redbook's year-on-year rate is showing its steepest slowdown since early in the year, at plus 2.9 percent in the April 28 week with the four-week average down four tenths to plus 3.2 percent. But the downdraft reflects comparison distortions tied to the Easter shift, and a look at March and April together comes out to plus 3.4 percent which shows tangible acceleration compared to plus 2.9 percent in February and plus 2.7 percent in January.

Yet the April to March comparison, which is of course the basis for the government's April retail sales report, doesn't look that great with Redbook's numbers pointing to a small decline. ICSC-Goldman, which doesn't offer a monthly comparison, has however been showing firmer rates of year-on-year growth than Redbook. Auto manufacturers get the next turn at April retail sales as they report unit sales today.