New York, NY, October 17, 2006--Chain store sales rose for a second straight week as gasoline prices helped shield consumer spending from the effects of a sagging housing market, according to a report published on Tuesday.
Sales jumped 0.6 percent in the week ending October 14, following a 0.5 percent rise in the prior week and more than making up for a late-September decline, the International Council of Shopping Centers and UBS Securities LLC said.
Compared with the same week last year, sales rose 3.9 percent, above the prior period's 3.7 percent.
"Sales continued to improve over the latest week as consumers were helped by improved discretionary purchasing power as gasoline prices continued to recede." said Michael Niemira, ICSC's chief economist and director of research.
