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
The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."