Skip to main content

NRF reports May retail sales slow amid ongoing inflation

(WASHINGTON) – Retail sales slowed in May as consumers faced continuing inflation and higher prices for essentials like food and gasoline, the National Retail Federation (NRF) reported.

“Retail sales are reflecting Americans’ growing concern about inflation and its impact on the cost of everything from groceries to gas,” NRF President and CEO Matthew Shay said. “Retailers are doing what they can to keep prices down, but we continue our call on the administration to repeal unnecessary and costly tariffs on goods from China to relieve pressure on American consumers and their family budgets.”

“There’s been little relief from inflation, and we expected some cooling off in sales in reaction to prices,” NRF Chief Economist Jack Kleinhenz said. “There have been swings across sectors that reflect the impact of both higher prices and supply chain disturbances, and higher interest rates are expected to curb spending going forward. As inflation continues, consumers are looking for ways to stretch their dollars by saving less, tapping into savings accumulated during the pandemic and increasing their use of credit.”

The U.S. Census Bureau said overall retail sales in May were down 0.3 percent seasonally adjusted from April but up 8.1 percent year over year. That compared with increases of 0.7 percent month over month and 7.8 percent year over year in April.

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed May was unchanged seasonally adjusted from April but up 6.7 percent unadjusted year over year. In April, sales were up 0.4 percent month over month and up 5.5 percent year over year.

NRF’s numbers were up 5.4 percent unadjusted year over year on a three-month moving average as of May. Sales were up 7.3 percent year over year for the first five months of the year.

May sales were up in eight out of nine categories on a yearly basis, led by building materials stores, online sales and grocery stores, but fell in nearly half the categories on a monthly basis.

Visit the National Retail Federation online here.

The post NRF reports May retail sales slow amid ongoing inflation appeared first on Southern Jewelry News.



from Southern Jewelry News https://ift.tt/17UwLtV
Labels:

Popular posts from this blog

Botswana’s ODC Halts All Rough Sales

Okavango Diamond Company (ODC) has halted all rough sales as global demand remains at record low levels. It says it has cancelled its November auction and may do likewise in December. “For the first time, we have had to build up inventory as we do not want to just irresponsibly release goods into a market […] The post Botswana’s ODC Halts All Rough Sales appeared first on The Jewelry Magazine . from The Jewelry Magazine https://ift.tt/ulKAeoZ
Read more

Furry Friends on the Job: Say hello to Ember of Jewelry Savers

Reading Time: < 1 minute Say hello to Ember! Ember is an adorable and spunky 2-year-old Shih Tzu. She works at Jewelry Savers in Wichita, Kansas. While not busy with her store greeter duties, Ember can often be found sleeping in one of her three different dog beds. She just loves a good tummy rub and is wonderful with children visitors. In addition to her greeter responsibilities she is a confident and elegant jewelry model. The entire staff at Jewelry Savers is grateful for Ember’s love and hard work. See all our Furry friends Do you have a furry friend that helps out in your store? Tell us about it and send a picture to  bill@southernjewelrynews.com . The post Furry Friends on the Job: Say hello to Ember of Jewelry Savers appeared first on Southern Jewelry News . from Southern Jewelry News https://ift.tt/aRmKvZy
Read more

The Story Behind the Stone: Metal Mashup

Reading Time: 6 minutes I have to confess I just learned about electrum when this topic crawled up on my radar. We love the wide range of jewelry metals today that give consumers tremendous options for creating the exact piece of their dreams. Metal alloys are some of the more exciting variations for imaginative jewelry designers to work with. These options better reflect the tastes of a client and help them to personalize their jewelry, making it truly unique to them. Brooch with a griffin, from the necropolis of Kameiros, Rhodes, c.  625–600 BC (Louvre). Natural Alloy One topic catching my eye at the moment is a rare and naturally occurring metal alloy – electrum. This word, electrum may be uncommon to modern society, but it’s a Latin word derived from the Greek electron mentioned in the Odyssey referring to a metallic substance consisting of gold alloyed with silver. Electrum was usually called white gold in antiquity. But more accurately it was described as pale gold since ...
Read more