EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
SurveysJun 17, 2020
May Retail Sales Climb 18% as Businesses Reopen
Though monthly spending improved in May, retail sales were down 6 percent year-over-year.
U.S. retail sales were up 18 percent month-over-month in May, according to data from the U.S. Department of Commerce.
New York—U.S. retail sales improved in May compared with April as coronavirus restrictions eased and businesses began to reopen.
Retail sales, including food sales, climbed 18 percent month-over-month in May to $485.5 billion, according to data released by the U.S. Department of Commerce Tuesday morning.
The results follow a 15 percent drop in April and an 8 percent drop in March, according to revised statistics.
The results surpassed analyst estimates of an 8 percent increase and marked the highest month-over-month jump in U.S. retail sales ever.
The May results are less rosy when compared year-over-year, as they are down 6 percent from May 2019.
In an interview with CNBC’s Squawk Box Tuesday morning, National Retail Federation CEO Matthew Shay said the sales report “is very encouraging news.”
“These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it,” he said.
Stimulus money and supplemental unemployment checks coupled with “pent-up demand” drove consumer spending, NRF Chief Economist Jack Kleinhenz said in a press release.
He noted, however, that month-over-month comparisons between April and May need to be viewed in context because most nonessential businesses were shut down for all of April.
He said the results may be “questionable” as many retailers were closed and unable to respond to the monthly survey of sales data.
“Spending has improved considerably but it’s still far below where it was a year ago, and while the freefall in consumer confidence is over, unemployment remains high and confidence is still at recession levels,” he said.
Two important factors to monitor, he said, are the trajectory of unemployment and the direction of the virus.
Kleinhenz said a turnaround may be ahead in the third quarter, but a second wave of COVID-19 could spook consumers.
The NRF also calculates monthly retail sales, narrowing in on core retail and excluding auto sales, gas stations, and restaurants.
Its calculations show May sales were up 11 percent seasonally adjusted from April and up nearly 2 percent unadjusted year-over-year.
Looking at the commerce department’s data by category, clothing and accessories stores saw the strongest sales gains in May, up 188 percent month-over-month.
Furniture and sporting goods, and hobby, musical instrument and book stores followed, both up 90 percent.
The year-over-year gains from retailers that remained open, like grocery and drug stores, as well as online sales were offset by declines in other categories, said NRF.
Though increased foot traffic
Editors' Picks
Sponsored by
shows consumers are returning to shop, Kleinhenz said expects “to remain on a roller coaster for a while” and said a full recovery is “still a long way off.”
At his semiannual monetary policy report before Congress, Federal Reserve Chairman Jerome Powell echoed a similar sentiment and added there was “significant uncertainty” surrounding the pace of economic recovery.
“Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it. Until the public is confident that the disease is contained, a full recovery is unlikely,” he said.
Powell pointed to small businesses as being especially at risk.
“If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” he said. “These businesses are the heart of our economy and often embody the work of generations.”
The Federal Reserve’s Main Street lending program kicked off Monday, which supports lending to small and mid-sized businesses.
Small to mid-sized businesses are defined as those with 15,000 employees or fewer or those with business revenues of $5 billion or less.
Powell said the Fed will do what it can to help the country’s recovery, but did not outline any specific policies.
At his semiannual monetary policy report before Congress, Federal Reserve Chairman Jerome Powell echoed a similar sentiment and added there was “significant uncertainty” surrounding the pace of economic recovery.
“Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it. Until the public is confident that the disease is contained, a full recovery is unlikely,” he said.
Powell pointed to small businesses as being especially at risk.
“If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” he said. “These businesses are the heart of our economy and often embody the work of generations.”
The Federal Reserve’s Main Street lending program kicked off Monday, which supports lending to small and mid-sized businesses.
Small to mid-sized businesses are defined as those with 15,000 employees or fewer or those with business revenues of $5 billion or less.
Powell said the Fed will do what it can to help the country’s recovery, but did not outline any specific policies.
More on Surveys
The Latest
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
