SANTA ANA, CA--With the $100 billion tax rebate fading into history, retail sales lost steam in July, according to Bob Bach, (top right photo) senior vice president and chief economist at Grubb & Ellis Co.Total sales fell by 0.1%, and core sales excluding autos and gasoline rose by 0.3%, the weakest performance since February.
Layof
fs, sliding home prices, high consumer debt burdens, difficult credit markets and stubbornly high gas prices are taking their toll.
fs, 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.
Chart at left shows the seasonally adjusted monthly percent change of July retail s
ales. Data prepared by Census Bureau and Grubb & Ellis.
ales. Data prepared by Census Bureau and Grubb & Ellis.
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