facebook
twitter
rss
account
search
search
 

Retail sales helped by cool weather and tax breaks

Aug. 6, 2013 at 11:15 AM   |   Comments

NEW YORK, Aug. 6 (UPI) -- U.S. retail sales receipts rose 0.3 percent in the week that ended Friday, the International Council of Shopping Centers said Tuesday.

The ICSC-Goldman Sachs weekly tracking report indicated sales rose 2.5 percent from the same week of 2012 with sales spurred by back-to-school sales tax breaks that were in effect in 12 states during the week.

Cooler weather also helped, pushing consumers to purchase items designed for fall, the trade group said.

"Although the ICSC‐Goldman Sachs channel‐checking survey found a very mixed pattern by retailer type, the survey found healthy business compared with the same week of the prior year for department stores," said Michael Niemira, ICSC vice president of research and chief economist.

"The largest number of state tax holidays to promote back‐to‐school shopping kicked in late in the week and helped to lift weekly sales. In addition, gasoline prices moderated in the past week, helping to provide a little lift for the consumer's discretionary purchasing power," Niemira said in a statement.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New Navy sub ready for outfitting, testing New Navy sub ready for outfitting, testing
2
New F-35 sustainment system undergoing flight testing New F-35 sustainment system undergoing flight testing
3
Scrap South Stream, Europe says Scrap South Stream, Europe says
4
Apple to authorities: No iPhone user data, even with a warrant Apple to authorities: No iPhone user data, even with a warrant
5
Boeing, Defense Logistics Agency sign long-term support agreement Boeing, Defense Logistics Agency sign long-term support agreement
Trending News
Video
x
Feedback