Global| Feb 09 2010Weekly Chain Store Sales Improve Yet Remain Off From Earlier Highs
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer spending has recovered from its post-holiday slump, but real life is not yet apparent. Weekly chain store sales improved last week although the 1.4% w/w rise left purchases up just slightly from the January average. That [...]
Consumer spending has recovered from its post-holiday slump, but real life is not yet apparent. Weekly chain store sales improved last week although the 1.4% w/w rise left purchases up just slightly from the January average. That average had been boosted by price discounting early in the month.
The ICSC-Goldman Sachs 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.
During the last ten years there has been a 69% correlation between the year-to-year growth in chain store sales and the growth in general merchandise retail sales. The weekly figures are available in Haver's SURVEYW database.Also suffering from post-Holiday blues was the leading indicator of chain store sales. It's been roughly unchanged during the last two weeks following four weeks of sharp decline. This composite leading economic indicator is compiled from four series: (1) the MBA's volume index of mortgage applications for home purchase (2) the ABC News/Money magazine's survey of consumer buying conditions (3) new filings for jobless benefits and (4) the 30-year government bond yield.
| ICSC-UBS (SA, 1977=100) | 02/06/10 | 01/30/10 | 01/23/10 | Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total Weekly Chain Store Sales | 487.1 | 480.4 | 479.8 | 1.8% | 0.1% | 1.4% | 2.8% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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