Apr 1, 2008

U.S. Weekly Retail Chain Store Sales up 0.5%, Apparel Spending DepressedBy Steve CampbellEconomicNews.ca

Washington – U.S. retail chains store sales were up 0.5% on a year-over-year basis for the week ending March 29, but fell 0.2% from the previous week extending the prior week’s declining trend, the International Council of Shopping Centers reported Tuesday.

“The year-over-year pace was the weakest reading since April 5, 2003 and reflected considerable consumer worry and cautious spending,” the trade group said.

For the week, early store closures for the Easter holiday put a damper on sales, although the ICSC adjusted for seasonal swings. Still, the early Easter lowered consumer interest in Easter apparel and, more generally, spring apparel.

Read complete article.