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Economy in Brief
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
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The FHFA index of U.S. house prices rose 0.6% during February...
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Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
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From Q1 2008 to date, Italian GDP actually has failed to grow and has declined by 5.8%...
U.S. Existing Home Sales & Prices Rise Again
The NAR reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR)...
by Tom Moeller January 30, 2007
The International Council of Shopping Centers (ICSC)-UBS survey indicated that chain store sales last week reversed all of the increases during the prior four weeks with a 0.9% decline.
Nevertheless, the average level of chain store sales in January is up a notably firm 2.8% from the prior month.
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 also gave back all of the gains during the prior two weeks with a 1.1% decline and for the month is 0.4% below December.
Access to Credit is the latest International Economic Trends from the Federal Reserve Bank of St. Louis and it is available here.
| ICSC-UBS (SA, 1977=100) | 1/27/07 | 1/20/06 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 476.4 | 480.9 | 4.9% | 3.3% | 3.6% | 4.7% |
