U.S. Jewelry And Watch Sales Show Strong Increase In August

(IDEX Online) - Sales of fine jewelry and fine watches rose by 8.9 percent in the U.S. market in August, when compared to the same month a year ago.

Overall sales in August, the last month for which figures are available, were an estimated $6.1 billion, according to preliminary data from the U.S. Commerce Department.

Outlook

US labor markets are tight and that's leading to salary rises for workers across many sectors and regions, while stock-market fluctuations are having little influence on consumer confidence.

And with the holiday season almost upon us, economic conditions are fortuitous for retail sales which are seen posting healthy rises on last year.

Third-quarter gross domestic product came in above 3% after an impressive 4.2% rise in the previous quarter.

Consumer spending is a vital element in the American economy, accounting for more than two-thirds of U.S. economic activity.