IE Business Daily Business news for the Inland Empire.
Helped in part by lower gas prices across the country, national retail sales remained strong last week.
Sales were up 2.8 percent for the week that ended Saturday compared with the same week in 2013, according to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Store Sales Index.
Compared with the previous week, sale were up a modest 0.3 percent, according to the index, which was released Tuesday.
Business was strong last week at department and wholesale stores and electronics stores, said Michael P. Niemira, research consultant with the council.
One reason for the solid retail number is the drop in gasoline prices.
In the Inland Empire earlier this week, one gallon of unleaded gasoline cost an average of $3.37 per gallon, down from $3.71 per gallon one year ago, and similar declines are happening across the country, according to the Automobile Club of Southern California.
“While the receding gasoline prices might not have a massive impact week-to-week, the cumulative effect should strongly benefit the upcoming holiday season as consumers should have additional discretionary income,” Niemira said in a statement.
National retail sales this month will be up four to 4.5 percent compared with October 2013, the council has predicted.
