Tuesday April 22, 2008 - 13:06:11 GMT
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CEP News - www.economicnews.ca
U.S. ICSC and Redbook Retail Sales Decrease as Gas Prices Hit New Record
09:01 04/22 (CEP News) â€“ As record gasoline prices create stronger
economic headwinds against U.S. consumers, retail store sales declined
in the week ending April 19, according to the International Council of
On a week to week basis, sales decreased by
0.7%, nearly erasing the 0.9% gain in the previous week. "Consumers
over the last week continued to face strong headwinds with new record
high gasoline prices hurting discretionary spending," said Michael P.
Niemira, ICSC's chief economist.
Compared to a year before, however, sales at retail stores have grown
by 1.4%, and Niemira expects April sales to increase by 1.5%-2.0% from
The ICSC survey examines 60 retail chain stores in the U.S., excluding restaurants and vehicle demand.
The report noted the average price of a gallon of gasoline hit $3.508
over the weekend, a 22.3% increase from the same weekend one year ago
and a new record overall. From the previous week, prices at the pump
went up nearly 12 cents.
The ICSC said 41% of U.S. households have reduced discretionary
spending "considerably" as a result of higher gas prices, the highest
percentage since information has been available since May 2004.
In a related development, the Johnson Redbook Retail Sales Index, which
measures 9,000 retail units, showed a 1.3% decline in April
sales-to-date as compared to March.
Despite the recent decrease, however, sales were up by 1.7% from the previous year.
By Patrick McGee, email@example.com, edited by Stephen Huebl, firstname.lastname@example.org
(END) Â©CEP Newswires - Â©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca
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