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RAPAPORT... U.S. jewelry store sales rose 6.9 percent year on year in August to $2.389 billion, with the pace of growth down from 9 percent in July. The consumer price index (CPI) for jewelry rose just 2.5 percent year on year in August, though it continued to flirt with the record high of 183 points. Jewelry store sales for the first eight months of 2013 rose 9.2 percent year on year to $19.652 billion.
Meanwhile, based on advanced estimates, U.S. department store sales in September fell 6.7 percent year on year to $12.686 billion, while total retail and food services sales rose 3.5 percent to $425.9 billion. Nonstore retail sales were estimated to have increased 8.9 percent in September, with retail trade sales gaining 3.1 percent.
Lindsey Piegza, the chief economist at Sterne Agee, explained that U.S. consumers ''gobbled up autos'' during the first half of the year, but they compensated by cutting back elsewhere. ''This month, as consumers cut back on autos, they increased their purchases of other nondurable, discretionary goods.''
Sterne Agee cited sales strength for furniture, electronics, health and personal care products and sporting goods.
The National Retail Federation (NRF) concluded that September recorded broad sales gains in most retail sectors.
“Retailers witnessed a solid sales performance in September, with marked gains in all sectors, excluding clothing,” said NRF's president Matthew Shay. “The American consumer remains ever-cautious and value-driven but continues to spend. Only time will tell if and when the government shutdown and debt ceiling debacle will impact retailers and consumers this fall and winter. The true economic impact of Washington’s inability to enact policies that enhance and sustain economic growth and certainty remains to be seen.”
The NRF's chief economist, Jack Kleinhenz, added, “Falling gas prices combined with rising housing and stock prices continue to support consumer spending, and the broader economy. While far from robust, consumers are shopping, but they are spending both discriminately and moderately. Volatility still persists in various retail sectors but spending has somewhat stabilized heading into the all-important holiday shopping season.”
Clothing and clothing accessories store sales rose only 0.7 percent year on year in September and general merchandise store sales fell 0.2 percent, according to the NRF.
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