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Economy in Brief
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
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The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 6, 2007
Chain store sales during the opening week of November jumped 1.0% from the week prior according to the International Council of Shopping Centers (ICSC)-UBS. The gain followed a 0.1% up tick during the prior week.
As a result of rise, early November sales began the month 0.5% ahead of the October average which fell 0.8% from September.
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 rose 0.8% (0.5% y/y) after declines during the two prior weeks.
The October 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve Board is available here.
| ICSC-UBS (SA, 1977=100) | 11/03/07 | 10/27/07 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 477.8 | 473.3 | 2.4% | 3.3% | 3.6% | 4.7% |
