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RAPAPORT... U.S. jewelry store sales in April, the most recent reporting month for the sector, rose 17.7 percent year on year to $2.406 billion. Additionally, the consumer price index (CPI) for jewelry in April dropped 1.2 percent. Jewelry store sales have remained strong during the first four months of the year, increasing 10.6 percent to $9.568 billion compared with the first four months of 2012. The CPI for jewelry has also been lower each month so far this year.
Meanwhile, advanced retail sales data for the month of May found once again that department store sales weakened, falling by 2.1 percent year on year to $14.268 billion. However, advance estimates of U.S. retail and food services sales for May, rose 4.3 percent year on year to $421.1 billion. Retail trade sales also rose 4.3 percent . The National Retail Federation (NRF) noted a 4.8 percent increase in retail sales for May, excluding automobiles, gas stations and restaurants. NRF's president, Matthew Shay, concluded that in spite of fluctuating gas prices, some weather issues early in May and fiscal policy uncertainty that consumers continued to demonstrate an inherent resiliency and flexibility. ''We should never underestimate the role and strength of the American shopper or the retailers that serve them,'' he said. NRF's chief economist, Jack Kleinhenz, said, “The economy is improving, albeit slowly, but we still have a long way to go. Stagnant salaries continue to constrain further economic acceleration. While sequester and tax increases dampened sales growth in the first quarter, it appears that the economy absorbed most of the blow.” During the month of May, building material, garden equipment and supplies, clothing and clothing accessories stores' sales posted strong gains. However, electronics and appliance stores’ sales decreased, while furniture and home furnishing store sales were flat.
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