Retail receipts report posts solid gains

Oct. 22, 2013 at 5:29 PM
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NEW YORK, Oct. 22 (UPI) -- U.S. retail receipts at chain stores rose 1.4 percent in the week ending Saturday, the International Council of Shopping Centers said Tuesday.

The trade group called the weekly gains "solid." From the same week of 2012, sales rose sharply, up 3.2 percent, the strongest gain in five weeks, the ICSC - Goldman Sachs weekly report said.

"As the federal shutdown came to an end, consumers were seemingly back in the mood to shop," said ICSC Vice President of Research and Chief Economist Michael Niemira.

Cold weather in the western United States and the Columbus Day holiday both proved to be "catalysts for spending," Niemira said.

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