Economy Watch

ICSC Retail Sales Data
The International Council of Shopping Centers and Goldman Sachs reported its chain-store sales index for the week ending on July 9, 2011 rose 0.4% from the week before, and was up a strong 5.5% from the same period last year.

Shoppertrak Retail Sales Data
For the week ended July 9, 2011, ShopperTrak's National Retail Sales Estimate was $89.149 billion, down 1.9% from last week's $90.887 billion, but up 1.2% from the same week last year. Historically, July 4th is the poorest holiday for general merchandise, apparel, furniture, and other store retail sales and 2011 proved no exception. Sales will bump along the next few weeks until 'back to school' kicks into gear. Note that efforts by several retailers to jump start the season with pre-'back to school' sales flopped.

Mortgage Rates Increase
Bankrate.com reported that the average conforming 30-year fixed mortgage rate rose to 4.79%, up from last week's 4.71%, according to its weekly national survey ending July 6, 2011. It also reported that the average 15-year fixed mortgage rate was 3.9%, up from 3.86% last week.

Gas Prices Up
The Energy Department announced that for week ending July 11, 2011, the average price of US gasoline rose to $3.641 a gallon, down from $3.579 per gallon week earlier. This is the first price rise in eight weeks.

Diesel prices fell to $3.85, down from $3.89 last week.