Although winter storms along the east coast slightly dampened sales for some retailers, nationwide same-store sales for January rose a strong 4.6 percent over the same period last year, according to data compiled by TeleCheck Services, Inc., the world’s leading check acceptance company. The Midwest region led the nation, followed by the West, the Southwest, the Southeast, the Mid-Atlantic and the Northeast. The TeleCheck Retail Index is based on a year-over-year, same-store comparison of the dollar volume of checks written by consumers at more than 27,000 of TeleCheck’s 210,000 subscribing locations. TeleCheck is a subsidiary of Atlanta-based First Data Corp.
“The strong January sales gain reflects the ongoing strength of the U.S. economy. Along with record low levels of unemployment and rising household incomes, consumer confidence and spending are also being bolstered by a strong stock market,” said Dr. William Ford, TeleCheck’s Senior Economic Advisor.
Sales in the Midwest climbed a robust 5.5 percent, with Illinois up 5.9 percent, Michigan up 5.8 percent, Wisconsin up 5.7 percent and Ohio and Minnesota both up 5.0 percent. Sales grew by 6.1 percent in Chicago, 5.5 percent in Milwaukee, 5.2 percent in Minneapolis/St. Paul, 5.4 percent in Cleveland and 5.6 percent in Detroit.
The West was up 5.1 percent with sales increasing 6.2 percent in Hawaii, 5.3 percent in Washington, 4.8 percent in California, 4.7 percent in Colorado, 4.6 percent in Arizona and 4.4 percent in Oregon. Sales rose 5.2 percent in Denver, 4.9 percent in both San Diego and Seattle, 4.8 percent in Los Angeles, 4.6 percent in the Bay Area, 4.5 percent in Portland and 4.2 percent in Phoenix.
In the Southwest, sales jumped 4.8 percent. Missouri climbed 5.4 percent, Oklahoma 4.9 percent and Texas 4.6 percent. Sales grew 5.8 percent in St. Louis, 5.1 percent in Oklahoma City, 5.0 percent in both Austin and Kansas City and 4.9 percent in Tulsa. In other Texas cities, sales rose 4.7 percent in San Antonio, 4.6 percent in Houston and 4.3 percent in Dallas/Fort Worth.
Sales rose 4.1 percent in the Southeast, with Louisiana up 4.9 percent and both Florida and Tennessee up 4.7 percent. Hit by inclement weather mid-month, Georgia rose a modest 3.3 percent and The Carolinas were up 3.1 percent. Sales increased 5.2 percent in Orlando, 4.9 percent in Tampa, 4.8 percent in Nashville, 4.5 percent in both Memphis and New Orleans, 4.4 percent in Miami/Ft. Lauderdale and 3.1 percent in Atlanta.
The Mid-Atlantic’s sales increased 3.9 percent. Pennsylvania’s sales grew 4.8 percent, New Jersey’s rose 4.1 percent, Virginia was up 3.6 percent and Maryland’s sales increased 3.1 percent. Pittsburgh saw sales jump 4.8 percent, while both the District of Columbia and Philadelphia experienced 4.5 percent sales gains and Baltimore’s sales grew 3.4 percent.
The Northeast region grew by 3.4 percent. Sales rose 3.7 percent in Massachusetts and 3.0 percent in New York State. Boston’s sales increased by 3.9 percent and New York City’s sales were up 3.5 percent.
TeleCheck’s index is compiled on a calendar basis and is based on the total sales volume of check-writing consumers at a broad cross-section of retailers. Figures are not adjusted for inflation. Checks account for approximately one-third of retail spending. In 1998, TeleCheck authorized over $112 billion in checks and processed more than 2.2 billion check inquiries.
Atlanta-based First Data Corp. helps move the world’s money. As the leader in electronic commerce and payment services, First Data serves more than two million merchant locations, 1,400 card issuers and millions of consumers, making it easier, faster and more secure for people and businesses to buy goods and services. For more information, please visit the company’s web site at .
Dr. William Ford holds the Weatherford Chair of Finance at Middle Tennessee State University. Earlier in his career he was president of the Federal Reserve Bank of Atlanta and served on former Fed Chairman Paul Volcker’s Federal Open Market Committee.
February 3, 2000
SOUTHEAST 4.1% WEST 5.1% MIDWEST 5.5%
Florida 4.7% Arizona 4.6% Illinois 5.9%
Ft. Lauderdale 4.4% Phoenix 4.2% Chicago 6.1%
Orlando 5.2% California 4.8% Michigan 5.8%
Tampa 4.9% Bay Area 4.6% Detroit 5.6%
Louisiana 4.9% Los Angeles 4.8% Minnesota 5.0%
New Orleans 4.5% San Diego 4.9% Minneapolis/
St. Paul 5.2%
Georgia 3.3% Oregon 4.4% Wisconsin 5.7%
Atlanta 3.1% Portland 4.5% Milwaukee 5.5%
Tennessee 4.7% Washington 5.3% Ohio 5.0%
Memphis 4.5% Seattle 4.9% Cleveland 5.4%
Nashville 4.8% Colorado 4.7%
The Carolinas 3.1% Denver 5.2% MID-ATLANTIC 3.9%
Hawaii 6.2% District of
SOUTHWEST 4.8% Pennsylvania 4.8%
Texas 4.6% NORTHEAST 3.4% Philadelphia 4.5%
Austin 5.0% Massachusetts 3.7% Pittsburgh 4.8%
Dallas/Ft. Worth 4.3% Boston 3.9% New Jersey 4.1%
Houston 4.6% New York 3.0% Virginia 3.6%
San Antonio 4.7% New York City 3.5% Maryland 3.1%
Missouri 5.4% Baltimore 3.4%
Kansas City 5.0%
St. Louis 5.8%
Oklahoma City 5.1%