US DATA: May 5 wk ICSC-Goldman Sachs weekly chain store sales index
“declined by 0.8% to launch the fiscal month of May on a soft note as
there were few catalysts for spending in the past week. As a result,
the ICSC-GS consumer tracking survey found that consumers shifted
their spending towards more staples (grocery, in particular) and less
discretionary spending. This compositional shift contributed to the
softer performance for the week. But with Mother’s Day fast
approaching, this shopping pattern is likely to swing back to more
discretionary spending in the current week. Weather was warm for
the nation, but that did not seem to matter much for sales.”