US Watch and Jewelry Sales Down for a Fifth Month
April 04, 23
(IDEX Online) - Watch and jewelry sales in the US were down for a fifth consecutive month in February, amid ongoing fears of a recession and financial crisis. They fell 3.0 per cent year-on-year, according to the US Department of Commerce. In January sales dropped by just 0.3 per cent, a figure that was originally reported as 2.1 per cent but which has now been revised up based on actual rather than estimated sales.
Overall retail sales in the US are expected to remain sluggish throughout 2023, says the National Retail Federation (NRF) with inflation at six per cent, interest rates rising and unemployment expected to exceed four per cent by the end of the year. Consumer spending increased by just 0.2 per cent in February, down from 2.0 per cent in January, according to Department of Commerce figures.
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