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Rising Inflation and Oil Prices May Curtail Diamond & Jewelry Buying.
Markets in the United States closed in observance of Good Friday after a week of sour news about inflation and the job market. The DOW closed down 13.15 at 10,442.87 on March 24. The U.S. Labor Department reported consumer prices rose 0.4 percent for February, for an annual inflation rate of 2.4 percent, the highest spike in 33 months.
The weak dollar makes imports more expensive, oil prices remain at record high levels, and commodity price pressures are blamed for inflation concerns.
In the New York City metropolitan area, the consumer price index for the 12 months ending in February rose 3.9 percent, and core inflation was up by 3.4 percent. In comparative dollars, it would cost about $21 to purchase what would cost $10 in year 1984.
The states of California, Wisconsin, Kentucky, and Illinois have reported an increase in unemployment claims from March 2004. Weekly claims ending March 19th rose to 324,000 nationally, which was more than expected. Using the Labor Department's less volatile, adjusted, four-week average, the number of claims fell 5 percent from February 2004 to 321,750.
The Federal Reserve increased by one-quarter-point short-term interest rates, the seventh increase since June 2004. The hike will trigger higher rates for loans and lines of credit. Fixed-rate 30-year home loans rose to 6.01 percent, up from 5.4 percent in March 2004.
This situation may redirect consumers to Diamond purchases of smaller carat sizes during the upcoming Spring-Summer Gift-giving, Engagement, and Wedding Season.
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