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Weekly Market Insight
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Retail Sales
Monthly % Change, Seasonally Adjusted
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August 18, 2008
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With the $100 billion tax rebate fading into history, retail sales lost steam in July. Total sales fell by 0.1%, and core sales excluding autos and gasoline rose by 0.3%, the weakest performance since February. Layoffs, sliding home prices, high consumer debt burdens, difficult credit markets and stubbornly high gas prices are taking their toll. The International Council of Shopping Centers forecasts 144,000 store closings this year, the highest jump in the 14-year history of the survey. Expect shopping center leasing market conditions to bottom out in mid-2009.
Source: Census Bureau, Grubb & Ellis
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Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional
experience in real estate market research, consulting and city planning. His commentary
on the real estate markets is provided here on a weekly basis.
Need more information? Contact:
Robert Bach
Senior Vice President, Chief Economist
312.698.6754
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