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THE ECONOMY.(TO THE POINT)
Chain-store sales steady in week
Same-store sales at big discount and department chains last week were flat vs. the prior week and up 3% vs. a year ago, Bank of Tokyo-Mitsubishi and UBS Warburg said. Instinet Research said May same-store sales rose 0.8% vs. a year ago, but fell 2.7% from April.
** U.S. retail sales last week rose 4.8% from the prior week and 5.6% vs. a year ago, ShopperTrak's National Retail Sales Estimate said. May sales rose 3.2% from May '02.
Wall Street sees better economy
Forecasters at Goldman Sachs, Lehman Bros. and Bear Stearns in the past week have all cited signs of growth in the U.S. economy. Goldman economist Ed McKelvey said late Monday that "for the first time in a couple of years we see a meaningful upside risk to our U.S. economic outlook." Goldman had been one of the most bearish firms.
** Unemployment in the 12-nation euro zone stayed at a three-year high of 8.8% in April. For the entire 15-nation European Union, the jobless rate rose to 8.1% from 8%.
Work strikes ...
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