U.S. Jewelry Department Store Sales Flat in Aug
By Jeff Miller http://www.diamonds.net
RAPAPORT... U.S. department store sales were flat year on year in August at $14.9 billion on an unadjusted basis, according to U.S. government figures. On an adjusted basis, U.S. department store sales fell 0.7 percent to $15.3 billion. Retail trade sales rose 8 percent year on year and total retail and food services sales, excluding motor vehicles, rose 8.2 percent to $328 billion.
Retail sales data by type of business, which the government reports on a one month delayed schedule, reported that for July jewelry store sales rose 7.7 percent year on year to $2.02 billion on an unadjusted basis. Meanwhile, jewelry inflation for the month of July rose 12 percent year on year.
According to the National Retail Federation (NRF), retail sales in August, which exclude automobiles, gas stations, and restaurants, rose 6 percent year on year.
''Consumer spending in August was tempered by a continued lack of confidence in the strength of our economy,'' said NRF's president Matthew Shay. ''Having carried the brunt of the economic recovery so far, consumers may be waiting for good news in terms of employment and market stability, cautiously spending on things they need and thinking twice about things they want.''
NRF's chief economist, Jack Kleinhenz, added, ''Consumer spending has stalled, and it will be important for consumers to see positive changes in the economic outlook going into the fourth quarter. While we’re not expecting a complete pull back in spending, the outlook remains modest in terms of growth.''
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