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U.S. Jewelry Store Sales +3% in October

Department Store Sales -2% in November
Dec 13, 2011 11:04 AM   By Jeff Miller
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RAPAPORT... U.S. jewelry store sales during the month of October, which is the most recent reporting period for this niche sector, rose 3 percent to $2.026 billion, according to government figures.  Jewelry sales data lags one month behind general retail sales estimates. In addition, consumer price inflation for jewelry during October rose 12 percent year on year to a record 182.6 points.

In a broader view of retail sales,  advance estimates for the month of November across all retail and food services categories and adjusted for seasonal variation,  but not for price changes, rose  6.7 percent year on year to  $399.3 billion. However, department stores did not benefit from increased consumer spending with store sales dropping 1.8 percent to $18.2 billion on an unadjusted basis and falling by 3 percent year on year on an adjusted basis to $15.3 billion, according to government figures. Retail trade sales rose 6.8 percent compared with November 2010.

According to the National Retail Federation (NRF), November 2011 retail industry sales rose 4.5 percent year on year.   NRF's president, Matthew Shay, concluded that  a strong start to the Christmas  season gave retailers hope. The real test for economic strength, however,  will be from December’s results. ''Retailers have been working all year to make sure that the last two weeks before Christmas deliver the promotions and value that today’s shoppers expect.''

The trade group reiterated its growth forecast for Christmas season sales at  2.8 percent. NRF's chief economist, Jack Kleinhenz, said, ''Moderate retail sales increases every month have significantly contributed to America’s economic recovery and, while growth is slow, retailers realize that moderate, sustainable gains will put their business and consumers in the best long-term position.''

Tags: data, department, Government, Jeff Miller, Jewelry, november, october, retail, sales, stores
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