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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (35749)	8/23/2005 12:15:47 PM
From: mishedlo	Respond to of 116555

U.S. chain store sales fall 0.3% as gas prices begin to bite Tuesday, August 23, 2005 12:41:11 PM afxpress.com WASHINGTON (AFX) -- Sales at major U.S. retail chains fell 0.3% last week, according to the International Council of Shopping Centers. Same-store sales were up 4% year-over-year, the indudstry group said Tuesday. "Record high gasoline prices have begun to take more of a toll on consumer spending," said Michael Niemira, ICSC's chief economist. In a special survey for the retail group, 58% of U.S. households said they were cutting back on discretionary spending because of high gas prices. Last week, average retail gas prices rose by 6.2 cents to a record $2.654 a gallon, up 17% in the past seven weeks, the Energy Department reported Monday