{"id":14519,"date":"2022-03-17T21:37:52","date_gmt":"2022-03-17T16:07:52","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=14519"},"modified":"2022-03-17T21:37:56","modified_gmt":"2022-03-17T16:07:56","slug":"us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/","title":{"rendered":"US February Retail Sales Rose Strongly y-o-y, But Slowed Versus January Amid Inflation"},"content":{"rendered":"\n

US retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the Covid-19 omicron variant affected the supply chain, the National Retail Federation (NRF) said.<\/p>\n\n\n\n

\u201cRetail sales data continues to show impressive consumer resilience,\u201d NRF President and CEO Matthew Shay said. \u201cDespite all that\u2019s been thrown at them including inflation, supply chain constraints, market volatility and significant geopolitical events, consumers remain able and willing to spend. Retailers are nimble and are dedicated to serving their customers with great experiences, great products and services at the best possible prices they can.<\/p>\n\n\n\n

\u201cOur outlook remains constructive, with solid retail sales growth for all of 2022 increasing by 6-8%. Consumer financial health can continue if current pressures in the economy are moderated by sound policy decisions that do not compound the challenges our economy is already facing.\u201d<\/p>\n\n\n\n

The U.S. Census Bureau said overall retail sales in February were up 0.3% seasonally adjusted from January and up 17.6% year-over-year.<\/p>\n\n\n\n

\u201cFebruary retail sales reflected continued strong labour market conditions but were certainly affected by higher consumer prices,\u201d NRF Chief Economist Jack Kleinhenz said. \u201cWith the highest levels in 40 years, there is no doubt continued increases in inflation are hitting household purchasing power and likely restraining spending. We shouldn\u2019t be surprised by the slower pace of sales given that purchases had surged in January and the upward revisions made to those numbers.<\/p>\n\n\n\n

\u201cAnd the double-digit year-over-year increase was expected given that much of the economy was still in stay-at-home mode a year earlier. February\u2019s sales are another sign of the economy\u2019s resilience, but the conflict in Europe is an increasing headwind that could dampen spending around the globe.\u201d<\/p>\n\n\n\n

WGC Sees Potential To Kick-start Gold Mining In India<\/strong><\/p>\n\n\n\n

\"\"<\/a>
Kolar Gold<\/figcaption><\/figure><\/div>\n\n\n\n

A new World Gold Council (WGC) report titled \u2018Gold Mining in India\u2019 highlights the Indian gold mining industry\u2019s potential and explains that its growth has been hampered by legacy processes and under-investment. Despite India being one of the world\u2019s largest consumers of gold, the mining market operates on a small scale and is not an easy one to enter, WGC noted.<\/p>\n\n\n\n

In 2020 India\u2019s gold mine production was just 1.6 tonnes. India\u2019s current resources, when compared to production and resource levels in other countries, could reasonably be expected to support annual output of approximately 20 tonnes per year in the longer term, it said. Should such a level be reached, it would generate almost $50 million in revenue per year for India from royalty payments at current gold prices. Royalty rates from primary gold production in India are set at 4% of the LBMA gold price.<\/p>\n\n\n\n

Somasundaram PR, Regional CEO, India, World Gold Council, commented, \u201cGiven that India is one of the world\u2019s largest gold consuming countries, it makes sense for it to develop mining capacity. But change is needed for this to happen, legacy hurdles must be reduced considerably, and investments encouraged. There are promising signs in recent years with the changes to the Mines and Minerals (Development and Regulation) Act and introduction of National Mineral Policy and National Minerals Exploration Policy. If this trend continues India\u2019s, mine production is expected to increase in coming years. That said, we see this materialising only over the longer-term as potential investors will, for the foreseeable future, wait to see how successfully the new policies will be implemented and how effective they will be.\u201d<\/p>\n\n\n\n

According to the Ministry of Mines, India\u2019s current defined gold reserves total 70.1 tonnes and 88% of India\u2019s gold reserves are in the state of Karnataka; a further 12% are situated in Andhra Pradesh and an insignificant amount (less than 0.1 tonne) are found in Jharkhand.<\/p>\n\n\n\n

Somasundaram added, \u201cGold mining has the potential to provide significant sustainable socio-economic development for India, not just through investment in exploration of and mining for gold, but also through the legacy of training a skilled workforce. Furthermore, mining helps to bring infrastructure investment to a region, initiating and supporting associated service industries, many of which often persist long beyond the working life of the mine. It is only when investors can see real evidence of India managing its gold mining assets more efficiently that we can expect inward investment to emerge. And at that point, the country\u2019s gold mining sector will enjoy a much brighter future.\u201d<\/p>\n\n\n\n

The report states that the three problematic areas in the development of the gold mining are regulatory challenges, taxation policies, and inadequate infrastructure.<\/p>\n\n\n\n

This would also provide direct employment for an estimated 3,000-4,000 people in addition to those currently employed in the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

US retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the Covid-19 omicron variant affected the supply chain, the National Retail Federation (NRF) said. \u201cRetail sales data continues to show impressive consumer resilience,\u201d NRF President and CEO Matthew…<\/p>\n","protected":false},"author":1,"featured_media":14520,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-14519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\nUS February Retail Sales Rose Strongly y-o-y, But Slowed Versus January Amid Inflation - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US February Retail Sales Rose Strongly y-o-y, But Slowed Versus January Amid Inflation - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"US retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the Covid-19 omicron variant affected the supply chain, the National Retail Federation (NRF) said. \u201cRetail sales data continues to show impressive consumer resilience,\u201d NRF President and CEO Matthew…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/\" \/>\n<meta property=\"og:site_name\" content=\"Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-17T16:07:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-17T16:07:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/03\/Photo-by-Markus-Spiske-on-Unsplash-v1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\",\"url\":\"https:\/\/gjepc.org\/solitaire\/\",\"name\":\"Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/gjepc.org\/solitaire\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/03\/Photo-by-Markus-Spiske-on-Unsplash-v1.jpg\",\"width\":1000,\"height\":500},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/#webpage\",\"url\":\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/\",\"name\":\"US February Retail Sales Rose Strongly y-o-y, But Slowed Versus January Amid Inflation - Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"isPartOf\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/#primaryimage\"},\"datePublished\":\"2022-03-17T16:07:52+00:00\",\"dateModified\":\"2022-03-17T16:07:56+00:00\",\"author\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gjepc.org\/solitaire\/us-february-retail-sales-rose-strongly-y-o-y-but-slowed-versus-january-amid-inflation\/\"]}]},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\",\"name\":\"GJEPC\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f6c5b479a8ec14da0f88385e2b6cd51ccb37ac80c31409ecaebe5524700952a2?s=96&d=mm&r=g\",\"caption\":\"GJEPC\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/14519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/comments?post=14519"}],"version-history":[{"count":1,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/14519\/revisions"}],"predecessor-version":[{"id":14522,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/14519\/revisions\/14522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media\/14520"}],"wp:attachment":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media?parent=14519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/categories?post=14519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/tags?post=14519"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/thb-sponsors?post=14519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}