Trade group blames Washington for retail decline

Oct. 16, 2013 at 10:56 AM
| License Photo

NEW YORK, Oct. 16 (UPI) -- A trade group in New York said the government shutdown is partly to blame for the second consecutive week of declining retail sales.

The International Council of Shopping Centers in a weekly report published with support from Goldman Sachs said sales "weakened by 0.7 percent for the week ending October 12," which was Friday last.

The pace of gains compared to the same week of sales a year earlier slowed to 1 percent, the trade group said.

"Sales weakened across the board by store segment, partially a result of the drag from the government shutdown," said Michael Niemira, ICSC vice president of research and chief economist in a statement released Tuesday.

The trade group said same store sales are expected to see a sales increase between 3 percent and 4 percent in October, but much depends on debates over a long-stalled appropriations bill in Washington and a bipartisan agreement to raise the debt ceiling.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
First U.S.-made Kalashnikov AK-47s now being sold
Donna Karan steps down from company bearing her name
Norway: New reserves found in North Sea
Russian, Ukrainian gas talks collapse
Canada awards license for LNG exports to Asia