Retail sales advanced 1.3% on an annual basis in the week ending Sept. 20, according to a weekly survey from the International Council of Shopping Centers (ICSC) and UBS Securities. But on a week-over-week basis, sales slipped by 1.9%, the third consecutive week of losses.
"During this past week consumers spent cautiously as the stock market dropped to its lowest levels in years on turmoil within the financial industry," said Michael Niemira, chief economist at ICSC.
Niemira once again lowered his sales estimate for the month. He now expects sales to rise between 1.0% and 1.5%, down from a previous projection of 1.5% to 2%
Meanwhile, the Johnson Redbook retail survey recorded a year-over-year gain of 1.2%. Redbook also said September's sales to date have fallen 1.2% compared to August.
The ICSC-UBS survey examines 75 retail chain stores in the U.S. excluding restaurants and vehicle demand. The Redbook report covers 9,000 retail units.
By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008