IE Business Daily Business news for the Inland Empire.
National retail sales continued to post solid numbers last week.
Sales were up 3.8 percent year-over-year for the week that ended Saturday, according to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Store Sales Index.
Compared to the previous week, national sales were down a minuscule 0.7 percent, stated the index, which was released Tuesday.
“Business over the past week was strong across most segments, particularly in apparel and wholesale clubs,” said Michael Niemira, a research consultant with the council, in a statement. “With gasoline prices at their lowest point nationally since mid-November of last year, discretionary spending should remain healthy.”
During the last five weeks, retail sales have averaged a year-over-year increase of 3.6 percent.
Sales in October are expected to be up 3.5 to 4.5 percent compared with October 2013, Niemira said.
