ICSC-Goldman Store Sales (week ended 8/17/2013)
– Store Sales Week/Week -1.9%. Previous was -0.2%. – Store Sales Year/Year +2.2%. Previous was +2.6%.
Redbook (week ended 8/17/2013)
– Store Sales Year/Year 3.4%. Previous was +3.7%
This drop in Chain Store Sales was anticipated by the Consumer Metrics Institute’s Absolute Demand Index which has been flat the past few days.
Chicago Federal Reserve National Activity Index (July 2013)
– Level -0.15. Prior revised from -0.13 to -0.23.
This index is a weighted average of existing monthly indicators of national economic activity. It is designed so that it reads zero when growth is at the historic trend.
Markets will move according as people interpret the Fed’s intentions regarding tapering. FOMC minutes are tomorrow. QE has benefited the economy little. The first rounds inflated commodity prices and the current one inflated equity prices. I don’t think that was the goal.