U.S. weekly chain-store sales rose 1.7 percent year on year this past week, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. The measure of retail sales from week to week, however, remains uneven and increased 1.3 percent for the seven days that ended on March 3.
”Sales were mixed over the past week as sales recovered from the prior week’s dip, but softened appreciably on a year-over-year basis,” said Michael Niemira, ICSC’s vice president of research and chief economist. ”There are a fair amount of cross currents at play in March with the improving economy helping to sustain some spending, but rising gasoline prices increasingly curbing the degree of discretionary spending,” added Niemira.
ICSC expects that comparable-store sales will increase between 3 percent and 3.5 percent year on year for the month of March.