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Economy in Brief
EMU Sinks on New Flash PMI Readings
The EMU PMI sank to its cyclical low in mid-2016 then hit its cycle higher in 2018...
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The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%)....
Philadelphia Fed Factory Conditions Improve; Prices Weaken Again
The Philadelphia Fed that its General Factory Sector Business Conditions Index rose to 22.9 during September...
by Tom Moeller March 15, 2005
Chain store sales last week recovered all of the prior week's decline with a 0.6% increase according to the International Council of Shopping Centers (ICSC)-UBS survey.
Sales so far in March are 1.1% 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 inched up 0.3% in the latest week (0.2% y/y). 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) | 03/12/05 | 03/05/05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 453.6 | 450.8 | 3.4% | 4.6% | 2.9% | 3.6% |
