Chain store sales rose for the fourth consecutive week. Last week's 0.4% increase, according to the International Council of Shopping Centers (ICSC)-UBS survey, lifted sales 1.3% above the mid-September low.

During the last ten years there has been a 56% correlation between the y/y change in chain store sales and the change in non-auto retail sales less gasoline, as published by the US Census Department. Chain store sales correspond directly with roughly 14% of non-auto retail sales less gasoline.

The leading indicator of chain store sales from ICSC squeaked out a 0.1% (-2.5% y/y) increase.

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.