Recent Updates
- UK: LSL ACAD House Price Indexes (May)
- New Zealand: Motor Vehicle Registration, Performance of Service Index, Composite PMI (May)
- China: 100 City House Prices (May)
- Japan: International Trade (May-Prelim), Output Gap/Potential GDP (Q1)
- US: TIC (Apr)
- US: Consumer Sentiment (Jun-prelim), IP & Capacity Utilization (May)
- Consumer Sentiment Detail (Jun-prelim)
- more updates...
Economy in Brief
Empire State Manufacturing Index Continues to
Strengthen
The Empire State Manufacturing Index of General Business Conditions rose to 25.0 during June, the highest level in eight months...
EMU Trade Deficit Shrinks
The EMU trade balance shrank in April, stepping back to a surplus of 18.1 bln euros from 19.8 bln euros in March....
U.S. Retail Sales Strengthen
Consumers were in a shopping mood last month. Total retail sales increased
0.8% (5.9% y/y) during May following a 0.4% April gain...
U.S. Initial Unemployment Insurance Claims Sustain Low Range
Initial claims for unemployment insurance eased to 218,000 during the week ended June 9 ...
U.S. Business Inventory Accumulation Continues; Sales
Strengthen
Total business inventories increased 0.3% (4.4% y/y) during
April following a 0.1% March slip...
by Tom Moeller March 8, 2005
Chain store sales fell 0.4% last week. The slip followed a 1.5% surge the week prior according to the International Council of Shopping Centers (ICSC)-UBS survey.
Sales began March 0.7% ahead of the February average which rose 1.0% from January.
During the last ten years there has been a 59% correlation between y/y change in chain store sales and the change in non-auto retail sales less gasoline, as published by the US Census Department.
The leading indicator of chain store sales from ICSC was unchanged in the latest week (0.0% y/y), ending a six week stretch of erratic and mostly sideways movement. The indicator's February average rose 0.4% following a 0.6% January decline.
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.
| ICSC-UBS (SA, 1977=100) | 03/05/05 | 02/26/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 450.8 | 452.5 | 3.3% | 4.6% | 2.9% | 3.6% |
