WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
Retailers across the county saw some sales improvements, especially
in apparel, however the slowing trend in consumer spending continued
this past week industry-wide as a result of weaker discounter business.
As a result, for the week ending August 20, overall weekly retail sales
slipped by 1.0 percent, according to the ICSC-Goldman Sachs Weekly Chain
Store Sales Index. On a year-over-year basis retail sales also
continued to slow (+3.0%).
“Sales were mixed nationwide for the week with discounter business
weaker overall which in turn dragged down the weekly industry
performance,” said Michael Niemira, ICSC vice president of research and
chief economist. “However, back-to-school sales got a lift in the
Midwest through the East, in particular, from favorable cooler
temperatures,” 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$$$]