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ICSC Chain Store Sales up 0.3% In Nov 15 Week
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index rose 0.3% in the week to Nov. 15 from its level a week before, on a seasonally-adjusted, comparable store basis.
On a year-on-year basis, retailers saw sales decline by 0.1% in the latest week, compared with a 0.4% sales increase the prior week. This week marks the first time since April 5, 2003, that sales dipped on a year-over-year basis.
"Unfortunately, rising unemployment is holding back spending much more than the help that is coming from lower gasoline expenditures," said Michael P. Niemira, ICSC chief economist.
The weekly result Tuesday followed a 1.0% decline in the prior week and a 0.6% rise in the week before that.
Posted: November 18, 2008 Tuesday 07:50 AM