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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 04, 2009
Page
11
Iowa's recession strained economy shows little improvement as eight indicators tracked by the Department of Revenue reveal a 0.6 percent July drop and a 16th consecutive monthly decline since March 2008. Only two components rose: new orders and residential building permits.
Cedar Rapids business owners rely on JumpStart rent relief after HUD funding delays slowed checks. Stephanie Irvin of Bliss salon awaits July August support for 97 16th Ave SW Czech Village while four stylists risk unpaid chair rent. Officials project end of September to issue remaining payments as they resolve duplication rules and streamline paperwork.
Shoppers curtailed back-to-school buys and bought essentials in August signaling the 12th consecutive monthly decline for retailers. Yet results beat expectations with lower priced chains like TJX and Old Navy rising while upscale stores weakened. Analysts noted improving but fragile consumer demand and the sector’s path to holiday strength hinges on warmer spending. Target, TJX, Saks, and Macy’s posted varied results as discounters led the gloom lift with bargains.
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