June Retail Sales Rise, Spending Shifts to Services
The economy is seeing an “impressive recovery,” said National Retail Federation Chief Economist Jack Kleinhenz.
Overall, U.S. retail sales were up 0.6 percent month-over-month in June to $621.3 billion, according to data from the U.S. Department of Commerce, while year-over-year sales were up 18 percent.
The results surpassed analyst expectations of a monthly decline of 0.4 percent.
Sales in May were down 1.7 percent month-over-month and up 27.6 percent year-over-year as per the revised figures.
“Continued growth in June retail sales shows enduring strength in the American consumer,” said National Retail Federation President and CEO Matthew Shay in a press release about the results.
The back-to-school season will likely mean record sales of electronics, shoes, and backpacks as in-person learning resumes, said Shay.
“However, as the drop in monthly auto sales indicates, retailers are facing product shortages and supply chain constraints. We urge Congress and the administration to enact meaningful, bipartisan infrastructure legislation that is critical for retailers who depend on a safe, reliable and efficient transportation system to drive further economic growth.”
The NRF also calculates retail sales, excluding auto sales, gas stations, and restaurants.
Its calculations show June retail sales were up 0.8 percent seasonally adjusted from May and up 12.1 percent unadjusted year-over-year.
June retail sales were up year-over-year across the board with notable increases in clothing, electronics, and furniture stores.
The NRF recently upped its annual retail sales forecast for the year, encouraged by the vaccine rollout and the resiliency of consumer spending.
Retail sales (excluding automobiles, gas stations, and restaurants) are now expected to grow between 10.5 and 13.5 percent year-over-year to more than $4.44 trillion.
“We’re continuing to see an impressive recovery,” said NRF Chief Economist Jack Kleinhenz. “The economy and consumption are particularly sensitive to government policy, and the boost we saw from government support earlier in the year is continuing to show benefits.”
Though supply chain challenges have led to an increase in prices in certain retail categories, it has not been a deterrent to spending, he said.
“As more people get vaccinated and get out, some of the growth will shift to services rather than retail, but there’s enough momentum to support both.”
The annual Amazon Prime Day sale, and the accompanying sales events held by rival retailers like Walmart and Target, also gave sales a boost.
However, record-high temperatures in certain parts of the country as well as tropical storms may have affected sales, said the NRF.
The Latest
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.