Highlights
In a month skewed by gas prices, hurricane comparisons, and calendar effects, chain stores posted very strong results in September with total sales averaging a roughly 10 percent gain and same-store sales up 4 percent. Though retailers were nearly silent on the impact of gas, the roughly 20 percent year-on-year drop in prices clearly boosted spending. Gas prices, driven up by Hurricanes Katrina and Rita, were averaging nearly $3 last September.

Chain-store reports, in contrast to other items on the economic calendar, offer detailed descriptions of business conditions. Apparel chains said they benefited from the month's unusual cold, which drove sales of seasonal offerings. Plenty of chains reported full price selling, a big plus underscoring the strength of demand. But some reported softness including home furnishing and electronics stores. JC Penney posted unusually strong results in the month though it reported continued softness in big ticket categories.

Giant discounter Wal-Mart was a big disappointment posting same-store growth of only 1.3 percent. But in an important anomaly with other chains, Wal-Mart's September comparison does not include an extra Saturday, a factor which gave a meaningful boost to other retailers. Note retail data from the Commerce Department, to be released a week from Friday, are adjusted for calendar and seasonal effects.

Today's results, along with solid vehicle sales posted earlier in the week, point to a bounce higher in consumer spending and confirm that lower gas prices are giving the consumer a lift.

2006 Release Schedule

Released On: 1/5 2/2 3/2 4/6 5/4 6/1 7/6 8/3 8/31 10/5 11/2 11/30 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov