IE Business Daily Business news for the Inland Empire.
The rush of spending by U.S. consumers during the last week of May slowed down last week.
Same-store-sales were down 2.8 percent during the week that ended Saturday compared with the previous week, according to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Stores Sales Index, which was released yesterday.
That drop canceled out the 2.9 percent sales surge that happened during the previous week, which ended May 31, said Michael Niemira, the council’s chief economist and vice president of research.
The news wasn’t all bad: sales were up three percent compared with June 2013. If that increase holds through the month, then this month will be the largest year-over-year increase since January 2013, according to the index.
