Retail sales for the week ending July 13, 2002, were 4.4 percent higher than the same week in 2001, according to weekly figures released by the National Retail Sales Estimate.
The reported sales totals also declined only 4.2 percent from the previous week, which had been bolstered by the mid-summer July 4 holiday weekend.
“The second week slowdown in July U.S. retail sales is of little concern from a seasonal standpoint,” said Michael Niemira, lead consultant for the NRSE and an analyst for the Bank of Tokyo-Mitsubishi. “Over the coming weeks, back-to-school demand will increasingly drive consumer spending. Those sales are already beginning to appear, but it is too soon to say how strong that portion of demand will be for the entire season.”
The nationwide benchmark of retail sales says July sales remain on pace for a strong monthly 6 percent jump over a year ago. The jump in June 2002 (versus June 2001) was 5.5 percent.