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Economy in Brief

· The International Council of Shopping Centers (ICSC)-UBS survey indicated that chain store sales slipped 0.8% last week after the sharp 1.3% increase to open February. · So far this month chain store sales are 0.3% ahead of January after a 2.8% average gain that 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 fell 0.1% ((+0.4% y/y).  
ICSC-UBS (SA, 1977=100) 2/10/07 2/03/06 Y/Y 2006 2005 2004
Total Weekly Chain Store Sales 478.7 482.8 3.9% 3.3% 3.6% 4.7%
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