Major Retailers See A 3.1% Rise In Weekly Sales

Earlier today the ICSC-Goldman Store Sales gauge showed a 3.1 percent increase over the prior week. The report attributed the rise to pent-up demand following the previous week’s weak report, and to the warm weather throughout much of the country. Unfortunately, the gain does little to lift its full month outlook which is flat to negative.

icsc_report_05-21-13Source: Econoday

In other news, St. Louis Fed President James Bullard said the Fed should continue its bond buying program because it is the best available option to boost economic growth, which is slower than expected. Bullard also said that the Fed should be willing to change its size to reflect shifting economic conditions. Bullard noted that the U.S. recovery has been slower than expected, and he pointed out that, in both the U.S. and in the Euro zone, inflation has, recently, been below target, and on a downward trend. Equities rallied on his remarks.

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