Despite the potential negative drag from higher fuel expenditures on discretionary spending this past week, consumers continued to spend, according to a survey of chain stores.
Retail chain store sales rebounded slightly by 0.7 percent for the week ending April 29, according to the International Council of Shopping Centers, Inc. and UBS Securities LLC. The year-over-year pace continued to rise to 4.3 percent further showing the underlying vitality of the consumer.
“Like the Energizer Bunny, the consumer continues to keep on spending despite rising concerns on the energy front,” said M ichael P. Niemira, ICSC’s chief economist and director of research. “For April, with the strong finish we now expect monthly chain store sales will rise by 6 percent to 6.5 percent, on a year-over-year basis.”