Retail Sales Indicators Show Lower Spending

Washington, DC, March 4, 2008 – Retail sales fell 0.6 percent the week ending March 1, according to the International Council of Shopping Centers.

The decrease essentially offset the 0.5 percent advance in the previous week. "The rising price of fuel seemingly is curbing the consumer's ability and willingness to spend," the report said.

However, retail sales have grown by 2.1 percent compared to a year ago.

The ICSC survey examines 60 retail chain stores in the U.S., excluding restaurants and autos.

"The month of February finished a tad better than where it started, but consumer spending continues to struggle in a tough economic environment with consumer worry relatively high and spending muted," said ICSC's chief economist Michael P. Niemira.

In a related development, the Johnson Redbook Retail Sales Index, which measures 9,000 retail units, showed a 1.3percent decline in monthly sales for February.