US DATA: ICSC says “U.S. chain-store sales rose by a stronger than
expected 8.5% on a year-over-year basis according to the International
Council of Shopping Centers (ICSC). The shift in the date of Easter
(April 4, 2010 vs. April 24, 2011) and the price of fuel propelled the
increase by roughly 2-3 percentage points. The 8.5% increase was the
strongest since March 2010 (+9.0%). Helping to drive sales has been the
improving trend in employment growth, but rising fuel and food prices
are cutting into discretionary spending power, which is likely to temper
the trend pace of spending ahead.”