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Economy in Brief
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The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
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Consumer prices were unchanged in July after an outsized 1.3% m/m jump in June...
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The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
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Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller February 21, 2007
The International Council of Shopping Centers (ICSC)-UBS survey indicated that chain store sales slipped for the third week in the last four. The 0.1% decline last week lowered sales so far this month to a level that is all of 0.1% ahead of January after the 2.8% 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 sharply for the third week in the last four, by 1.1% (-0.2% y/y).
| ICSC-UBS (SA, 1977=100) | 2/17/07 | 2/10/06 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 478.1 | 478.7 | 3.5% | 3.3% | 3.6% | 4.7% |
