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Economy in Brief

Chain Store Sales Rose Further
by Tom Moeller March 23, 2004

Chain store sales added 0.2% last week to the 0.5% gain the prior period, according to the ICSC-UBS survey.

Sales so far in March are 0.3% ahead of the February average.

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

During the last ten years there has been a 51% correlation between the year-to-year percent change in the ICSC-UBS measure of chain store sales and consumer sentiment.

"Why Does Consumer Sentiment Predict Household Spending?" from the Federal Reserve Bank of Richmond can be found here.

ICSC-UBS (SA, 1977=100) 03/20/04 03/13/04 Y/Y 2003 2002 2001
Total Weekly Retail Chain Store Sales 439.5 438.6 7.1% 2.9% 3.6% 2.1%
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