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Retail receipts bounce back in week

Sept. 11, 2013 at 10:24 AM   |   Comments

NEW YORK, Sept. 11 (UPI) -- Retail business pulled out of a late summer slump in the United States in the week ending Saturday, a prominent trade group said.

The International Council of Shopping Centers said in its ICSC-Goldman Sachs weekly report, released Tuesday, that sales receipts rose 1.5 percent from the previous week and 2.3 percent from the same week of 2012.

"Sales for the first week of September bounced back after the softness the industry experienced late in August. Business was largely stronger across most categories than the prior week, but consumer staples appeared to be the main driver of sales with grocery, drug and wholesale clubs taking the lead this past week," said Michael Niemira, ICSC vice president of research and chief economist.

The ICSC said it projected sales for September would grow about 4 percent after rising 3.6 percent in August.

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