WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released
Tuesday:
With increased economic uncertainty looming consumers pulled back
on their discretionary spending once again giving retailers their second
consecutive week of weekly sales declines. As a result, for the week
ending August 6, weekly retail sales slipped by 0.5 percent, according
to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a
year-over-year basis retail sales slowed once again to 3.6 percent.
“In addition to consumers feeling more concerned about the overall
economy and financial markets, the abnormally hot weather as a spending
catalyst did not benefit retailers, given the low and heavily discounted
summer clearance inventory,” said Michael Niemira, ICSC vice president
of research and chief economist. “The good news is that back-to-school
spending got a lift from the 11 states holding their state sales tax
holidays late in the week which lessened the overall negativity,”
Niemira added.
For the month, ICSC Research forecasts August sales will increase
by between 4.0 and 5.0 percent and by 3.0 and 4.0 percent, excluding the
impact of fuel compared with a 4.6 percent gain in July or 3.5 percent
less the fuel sales impact that have been inflated by higher gasoline
prices at the pump.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
