Weekly sales followed the thermometer up and traveled in the opposite direction of energy prices.
In the seven days through Saturday, sales rose 2.3 percent from those of the comparable 2014 week and were up 1.2 percent from the prior seven days, the second week in a row in which both indicators were positive.
The 564 reading of The Retail Economist-Goldman Sachs Weekly Chain-Store Sales Index was the highest reading since the week ended Jan. 3 in the aftermath of Christmas.
Michael Niemira, chief economist and principal of The Retail Economist, noted improvements at both apparel and non-apparel specialty stores as well as at wholesale clubs and discount, dollar and online-only stores. Business was off “slightly” at department stores as well as grocery, electronics, office, drug and furniture stores.
Niemira had expected business conditions to improve as the incidence of inclement weather diminished, and last week’s results bore out those expectations.
According to Weather Trends International, the average temperature last week was 4.8 degrees warmer than last year and 6.6 degrees warmer than its long-term average. WTI said that weather last week was the second warmest for any comparable week in more than 24 years.
Retail consumption might have also gotten a helping hand from the first drop in the price of gasoline in seven weeks. The average price of a gallon of unleaded gasoline was down 3.4 cents from the prior week to $2.45.