U.S. Weekly ICSC Retail Sales Decrease as Gas Prices Rise, Redbook Sales Advance
Consumers faced yet another record week of oil prices at the pump in the week ending May 3, contributing to a week-over-week decline in retail sales across the nation, according to the International Council of Shopping Centers (ICSC) on Tuesday. Meanwhile, Redbook retail sales showed some advance on a year-over-year basis.
On a week-over-week basis, sales decreased by 0.2%, following a 0.7% decline in the previous week.
“The consumer faced intensified economic headwinds throughout the month with a contraction in April employment, record high gasoline prices, and even Mother Nature was less than favorable with a seasonably warm start to the month, but a cold finish,” said ICSC chief economist Michael P. Niemira.
Compared to a year before, however, sales at retail stores have grown by 2.3%, the strongest annual advance since Feb. 23, 2008.
