Today’s Johnson Redbook Retail Sales Index numbers tell two different tales, depending on how you look at the numbers.
The index was up 0.8% in the fourth and final week of January following a 1.0% gain in the prior week. Month-to-date, January was up 1.0% compared to January of last year.
Month-over-month, the index fell 1.5% (seasonally adjusted obviously).
As ZeroHedge notes, that’s worse than the 1.2% drop analysts were looking for, providing further evidence of a very unstable recovery on the consumer side.