US chain store sales recovered slightly from steep declines seen after the September 11th attacks on the United States, but consumer spending is still well below pre-attack levels, two reports today showed.
Retail sales as measured by the Bank of Tokyo-Mitsubishi and UBS Warburg's Weekly Chain Store Sales Snapshot were virtually flat in the week ended October 13th, compared with a 0.8 per cent drop one week earlier. The BTM sales index still stands 3 per cent lower than on September 8th.
The Redbook Retail Sales Average rose 0.6 per cent in the retail month ended October 13th compared with the same period last month, Redbook said. This compares with a 2.5 per cent month-over-month decline observed during the five retail weeks of September.
The weekly reports suggest a recovery for the flagging retail sector is still some way off. Retail sales tumbled 2.4 per cent in September, the steepest decline in almost nine years, the US government said on Friday.