· Chain store sales, according to the International Council of Shopping Centers, held onto the strong gain during the prior week. The unchanged level of sales in early-August followed a 1.2% w/w jump at the end of July. It left the level of sales at its record high which was up 1.0% from the July average. That followed July's 0.4% rise.

· During the last ten years there has been a 45% correlation between the y/y change in chain store sales and the change in nonauto retail sales less gasoline.

· The ICSC-UBS retail chain-store sales index is constructed using the same-store sales (stores open for one year) reported by 78 stores of seven retailers: Dayton Hudson, Federated, Kmart, May, J.C. Penney, Sears and Wal-Mart.

· The leading indicator of chain store sales from ICSC-UBS continued to weaken and fell 1.5% (-5.3% y/y) after a 0.9% decline during the week prior.

· The chain store sales figures are available in Haver's SURVEYW database.

· Can Young Americans Compete in a Global Economy? from the Federal Reserve Bank of San Francisco is available here.