US Economy Could See Fastest Growth Since the ‘80s
The National Retail Federation expects it to grow nearly 7 percent in 2021 as businesses reopen and consumer confidence continues to rise.

In its May issue of the Monthly Economic Review, the NRF said it expects the economy to grow 6.6 percent this year, its most aggressive growth since 1984, when the economy expanded 7.2 percent.
“While there is a great deal of uncertainty about how fast and far this economy will grow in 2021, surveys show an increase in individuals being vaccinated … increased spending intentions and comfort with resuming pre-pandemic behaviors like shopping, travel and family gatherings,” NRF Chief Economist Jack Kleinhenz said.
“This ‘feel-better situation’ will likely translate into higher levels of household spending, especially around upcoming holidays like the Fourth of July and spending associated with back-to-work and back-to-school.”
The NRF Review said the latest edition of the Federal Reserve’s Beige Book, a report on current economic conditions, “affirms what the economic data has been signaling”—U.S. growth is starting to accelerate.
Both the Federal Reserve’s assessment and other data show unemployment benefits, government stimulus checks, and tax refunds have provided a major increase in personal income and purchasing power, with consumers “sitting on a stockpile of cash” that could become “a spring-loaded spending mechanism,” Kleinhenz said.
The NRF said the $2.4 trillion saved by households in February alone was about twice the average monthly savings in 2019 and is in addition to savings accumulated over the past year as consumers stayed at home instead of dining out, traveling, or attending entertainment and sporting events.
Kleinhenz said the increase in borrowing “highlights a consumer who is growing more confident as the economy accelerates, job growth picks up, and more states lift burdensome restrictions.”
He did caution that last year’s “outsize swings” in economic data brought on by the pandemic, hurricanes, wildfires, and other events would make year-over-year comparisons difficult throughout 2021. He said federal agencies are trying their best with available information to make seasonal adjustments account for the swings.
NRF has revised its retail sales (excluding autos, gas, and restaurants) total for 2020 to $4.02 trillion rather than the $4.06 trillion originally reported.
Growth last year, however, was adjusted upward to 6.9 percent since 2019 retail sales were revised to $3.76 trillion from $3.81 trillion, which means 2020 still broke the record for retail sales growth despite the pandemic.
NRF has forecasted 2021 retail sales will grow between 6.5 percent and 8.2 percent year-over-year to between $4.33 trillion and $4.4 trillion.
The Latest

It is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.

Hill Management Group will oversee, market, and produce next year’s spring show.

One of the individuals was apprehended at the airport as he was trying to flee the country.

From sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.

The retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.


London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

As the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.

The book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.

Alexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.

The superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.

Retailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.

The nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Chief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.

Five dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.

Recently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.

The stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.

Hollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.

The New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.

Making its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.

They were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.






















