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RAPAPORT... U.S. jewelry store sales rose 14.7 percent year on year to $1.954 billion during the month of January 2013, marking the highest total for the first month of the year, as tracked by the U.S. Department of Commerce. In addition, consumer price inflation (CPI) for jewelry in January fell 3.5 percent.  In broader retail news released today, advanced monthly sales for February revealed that department store sales fell 7.8 percent year on year to $12.44 billion, while U.S. retail sales in total for February rose 3.6 percent to $339.3 billion. Retail trade sales increased 4.7 percent year on year. Nonstore retailers experienced a 15.7 percent surge in sales. The National Retail Federation (NRF), meanwhile, determined that retail sales edged up just 0.7 percent year on year in February, stating that U.S. consumers quickly adapted and adjusted their spending in response to an increase in payroll taxes and higher gasoline prices this past month. “Retail continues to show its importance to the economy,” said NRF's president, Matthew Shay. “That said, our consumer research consistently shows a cautious shopper that is making tough spending decisions based upon economic uncertainties, lower paychecks and higher prices for things such as gas. This is particularly true among those making $50,000 or less a year. While retail sales numbers indicate good momentum for the economy, consumers with less earning power may continue to face ongoing pressure and retail sales will encounter further challenges as sequestration takes full effect in March.” NRF's chief economist, Jack Kleinhenz, added, “It may be too early to measure the impact of the payroll tax hike and higher gasoline prices on consumer spending. However, this portends a good, but not great, first quarter for retailers as consumers continue to breathe life into the economy.” The NRF determined that sales of clothing and accessories were basically flat in February compared with one year ago, while decreases were measured for electronics and appliances, home furnishings and general merchandise.
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