U.S. Jewelry Store Sales Rise in September

U.S. jewelry store sales for the month of September rose 22 percent year on year to $2.12 billion, according to government figures released today. The consumer price index (CPI) for jewelry, meanwhile, rose 8 percent in September. In its advanced retail summary report for the month of October, which was also released today, the government concluded that U.S. department store sales fell 0.7 percent to $14.4 billion. Retail trade sales rose 7.3 percent year on year in October.

Retail and food sales, excluding automotive related revenue, rose 6.8 percent to $344 billion during the month of October. MasterCard Advisors’ SpendingPulse, a macroeconomic report tracking national retail and service sales, concluded that retail sales, excluding automotive revenue, grew by 7.1 percent year on year. The group estimated that department stores sales were flat. Sectors driving retail growth in October included e-commerce, electronics, the luxury goods category, groceries and travel. Furniture and furnishings, which tend to be tied to a strong housing market, posted a ninth consecutive year-over-year loss in October.

Kamalesh Rao, the director of economic research for MasterCard Advisors SpendingPulse, noted that, ''Last year saw a sales slump that began in May and went through September of 2010, which made for very easy comparisons during the summer months. Retail sales began to recover in October of 2010, and that has certainly had an effect on the year-to-year numbers this month. In addition, the unseasonable snow storm on the last Saturday of the month may well have impacted sales in the Northeast.''

-Rapaport