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 16, 2011 rose 0.4% from the week before, and was up a strong 4.5% from the same period last year.

Shoppertrak Retail Sales Data
For the week ended July 16, 2011, ShopperTrak's National Retail Sales Estimate was $92.228 billion, up 3.1% from last week's $89.601 billion, and up 3.2% from the same week last year. Summer weather and mark-downs of summer merchandise helped to spur sales of seasonal items. The debt ceiling stalemate remains a concern of consumers worried about the future, which could depress sales in the coming weeks.

Yo-Yo Mortgage Rates
Bankrate.com reported that the average conforming 30-year fixed mortgage rate fell to 4.69%, down from last week's 4.79%, according to its weekly national survey ending July 13, 2011. It also reported that the average 15-year fixed mortgage rate was 3.82%, down from 3.90% last week.

Gas Prices Creeping Up
The Energy Department announced that for week ending July 18, 2011, the average price of US gasoline rose to $3.682 a gallon, up from $3.641 per gallon week earlier. This is the third straight week of increased prices.

Diesel prices rose to $3.92, up from $3.90 last week.