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Jewelers Keeping An Eye on Bling-Bling Sales.
Consumers shrugged off higher gasoline prices in July and grew a bit more optimistic about the economy, a private research group said on July 25.
The optimism may be short-lived, however, as shoppers face a slew of concerns, including rising interest rates, moderating home prices, more expensive fuel costs and war in the Middle East. Indeed, home sales, which have been a source of confidence for consumers, fell again in June.
The National Association of Realtors reported on July 25 that sales of previously owned homes and condominiums dropped 1.3 percent in June to a seasonally adjusted annual rate of 6.62 million units. It was the eighth time in the past 10 months that sales slipped, while home prices edged up at the slowest pace in more than a decade.
The New York-based Conference Board said that its confidence index rose to a better-than-expected reading of 106.5 from a revised 105.4 in June. Analysts had expected the index to fall slightly to 104.
Stocks vacillated July 25 as mixed earnings news overshadowed an unexpected jump in consumer confidence and the mild housing data. In late morning trading, the Dow Jones industrial average dropped 29.94, or 0.27 percent, to 11,021.11, after briefly climbing into positive territory. Investors had a brief bout of optimism that the economy was slowing gradually, rather than slamming on the brakes.
Jewelers are cautiously optimistic about this years Fall and Winter sales which make up the bulk of the entire years revenues.
Interest rates, Oil prices, and the political situtaion in the Middle East and Asia are on the radar screen.
