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| A shopper considering a digital camera at a Best Buy store in Richfield. on Monday. The Commerce Department reported that retail sales in May were up 0.1 percent after a steeper increase the month before.
Higher prices at the manufacturing level helped push overall prices of wholesale goods higher in May. the Labor Department reported yesterday. At the same time. the government said that retail sales were essentially flat in the latest set of economic data to suggest that inflation is creeping higher and the economy is slowing down.
While wholesale prices declined in certain categories like produce. alcoholic beverages and automobiles. they rose elsewhere. resulting in a net price gain for the month. Producers charged more in May for consumer goods like jewelry. drugs and detergents. And the price of many products used in the manufacturing process. like softwood lumber. wiring and processed steel. rose considerably.
Over all. the Producer Price Index rose 0.2 percent in May after posting sharper increases in April and March. But the so-called core rate. which excludes food and energy prices. compared with 0.1 percent increases the previous two months. That surprised economists. who were expecting a rise of 0.2 percent.
"Economic activity is doing exactly what the Fed expected." said Kenneth J. McCarthy. chief economist at vFinance Investments. "It's slowing down. It's being influenced by higher energy prices. interest rates and a slowing housing market."
Economic indicators like the Producer Price Index and the retail sales report have taken on added significance ahead of the Federal Reserve meeting at the end of this month. The Fed's policy makers will decide whether to raise short-term interest rates for the 17th time since June 2004. and several Fed governors have said lately that they are concerned about accelerating inflation.
But with many economists of the belief that another rate increase is a foregone conclusion and with overall inflation still relatively low. the slight bump in the price data raised few eyebrows yesterday.
"No alarm bells were set off by today's report." Kenneth Beauchemin. an economist with Global Insight. said. "The increase of the core inflation rate is a slight concern. However. any one month's change has to be discounted somewhat because monthly changes in producer prices are relatively noisy."
On Wall Street. stocks closed lower yesterday. but the losses were more moderate than on Monday. These followed steep losses in Asian markets. The price of the benchmark 10-year Treasury note was slightly higher.
Anxiety over another rate increase has helped push stocks down sharply worldwide as investors fear that the higher rates will dampen stock market activity.
Yesterday's report on the Producer Price Index was the first of two major reports on inflation this week. This morning. the Labor Department will report the Consumer Price Index for May. which measures inflation at the retail level and is considered to be a better indicator of the direction of prices.
"On the margin. you've got slightly higher numbers on the core than expected." said James O'Sullivan. an economist with UBS. "But it really wasn't that big of a deal. There's really a lot more focus on the consumer number."
The price report also showed that increases for energy eased last month. Wholesale gasoline prices rose 2.2 percent. after a 12.3 percent jump in April and a 9.1 percent jump in March. The price of heating oil also rose at a much slower rate.
But the numbers suggest that price pressure at the consumer level could accelerate in the coming months. As the price of goods on the production chain rise. those costs are passed along to wholesalers and eventually consumers.
Last month's jump in the prices of goods used in manufacturing like lumber and processed steel "suggests growing inflationary pressures in the production pipeline that could ultimately make their way into prices for final goods." Stuart G. Hoffman and Richard F. Moody. economists at PNC Financial. said in a research note to clients.
Although the price of automobiles fell 0.4 percent in May. that hardly helped sales. Overall retail sales rose 0.1 percent in May. but excluding autos. the increase was 0.5 percent. Auto sales fell 1.6 percent compared with April.
Retail sales by grocery stores in May were up. as were sales at gasoline stations. which rose 1.9 percent for the month and 21.9 percent for the preceding 12 months. reflecting the higher cost of fuel.
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| who speaks Nepalese. imports goods from her native Nepal. as well as India and Tibet. and occasionally heads overseas on buying expeditions. Her husband and son staff the store's register and work the Old Monterey shop. which opened March 13.
Soft cashmere and statues of Buddha. of Ganesh. Silver and stone jewelry. garments that drape light as air. Candles. singing bowls and hand-rolled Tibetan incense. distinctive for its delicate sandalwood scent.
"It is really light. like a feather weight. who says the shawls -- which also sold wholesale -- are the store's most popular item.
Cashmere shawls are available in 300 patterns. and the store offers 150 choices of pashmina. shawls of top-of-the-line cashmere made from soft wool from the belly and neck of Himalayan goats. The shawls are hand-loomed. and glitter and beads are hand-sewn.
"We are thinking of bringing in more handicrafts." he said. The family hopes to add more gift items from Nepal and expand its line of pashminas. particularly its custom orders.
Monterey Imports isn't the only newcomer to the downtown shopping district. In the plaza across from Monterey Imports is a recently opened reggae clothing shop Twisted Roots. Several new businesses have recently been launched on Alvarado Street. a gelato shop adjacent to the Golden State Theater. a Japanese sushi restaurant.
Market Night. which brings people to Alvarado Street. and the store's wide windows and bright merchandise have helped draw attention to the business. said Shresthra.
To take advantage of the store's visibility. the family deliberately keeps the shop open later than many of the surrounding businesses. a strategy they hope draws people back outside and prompts other businesses to extend their hours.
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A 25-year-old 'Ewa Beach man who was arrested Thursday on suspicion of robbing a jeweler in a Waipahu parking lot was charged in federal court yesterday for an alleged role in a methamphetamine smuggling ring. according to law enforcement officials and documents filed in U.S. District Court.
Bryan T. Higa was charged in a criminal complaint with conspiring to distribute 50 or more grams of methamphetamine. He is accused of working as a middleman for a narcotics distributor previously arrested by agents of the Drug Enforcement Administration. records show. Police described Higa as a career criminal who has been arrested more than 40 times.
"We've been looking at him for some time." said Anthony D. Williams. assistant special agent in charge of the U.S. Drug Enforcement Administration's Honolulu district office.
Higa allegedly set up the sale of 87.4 grams of methamphetamine by acting as a point of contact for a man identified in the criminal complaint as Higa's supplier.
The DEA was working with Honolulu police to establish the state's case against Higa. who has not been charged in connection with Thursday's midday robbery and car chase.
Honolulu police spokeswoman Michelle Yu confirmed that robbery detectives are still investigating the jewelry heist. The jeweler told police he estimates the value of the jewelry at $2 million.
Police yesterday searched for the robber's accomplice. who allegedly has the jewels. which were stolen from a wholesale jeweler in the parking lot of the Golden Coin restaurant in Waipahu on Thursday. a man wearing a mask robbed a jeweler at gunpoint in the parking lot of the restaurant on Puko Street. police said. The robber fired at the jeweler but missed.
Police have the car Higa allegedly used to leave the scene of the robbery but have not found all of the jewels and the gun used in the robbery.
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| 'My main target business is fancy colors and solitaire rings.' Minassian said.After having successfully built a wholesale clientele-base in the Middle East. the Mina Group now targets growth in the United States. Rapaport News caught up with Minassian at the JCK Las Vegas Show's second day. June 4. Mina Group's elaborate rings and brooches only include natural color diamonds. according to Minassian. 'Everything is GIA certified too.' he said. Minassian conceptualizes the designs upon client requests and then works with his in-house designer to create the goods. Minassian is originally from Armenia. Culturally. with his clientele. it is most important to develop relationships built upon trust he said. 'Trust is key to doing business in the Middle East.' he said while explaining four decades of success from that region. From his observations of buyers in the United States. he notes their decision to purchase is based more upon negotiating price points. For his first JCK Show. Minassian displayed diamond jewelry creations including a 10.07 carat radiant cut fancy intense yellow ring set in 18 karat yellow gold and platinum; and a 4.58 carat fancy yellow ring [pictured top] with six pear-shaped diamonds set in 18 karat yellow gold and platinum.
Mina Group also showed Rapaport a diamond necklace in 14 karat white gold with pave diamonds (approximately 6.65 carats) plus 5.20 carat rounds. Two of Mina Group's brooches. one of which he called the flower shape [pictured right.] used approximately 6 carats of diamonds and blue sapphires set in 18 karat yellow and white gold. A second brooch Mina Group showcased used approximately 4 carats of sapphires plus turquoise stones set in 18 karat white gold. Mina Group targets the high-end market with price points beginning at $25.000. Minassian said he had very high expectations for the show to develop new relationships in the United States.
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| The eagerness and anticipation of PrairieFest approaching is sometimes about more than fine art. great entertainment and tasty food. Many locals attend the arts festival each year and have built relationships with some of the artists who also participate regularly. Many want to see familiar faces. and new artists that are showing their work.New arts and crafts rolling into town this week runs the gamut from hand carved flutes to rough hewn furniture. exquisite paintings to hand designed flower pots. various types of yard art to fantastic stone wear. whimsical costume jewelry to fine cut gems.Making his initial appearance at PrairieFest is Ray Chehrehgosha. an artist with 34 years experience creating beautiful stoneware pieces. He lives in Stillwater. His favorite pieces are platters and covered dishes on which he can use brushwork on the insides. Ray's work is unique because he puts an emphasis on form and color. He has received a first place honor at Stillwater's Run for the Arts. and he has shown his work all over OklahomaAnother new artist is Pamela Dowler. She makes glass beads. has been selling her artwork for the last five years. predominately in the wholesale arena. She has shown her work at the Salado Art Fair in Salado. at Winfield's Art in the Park. at the Lawrence Arts and Crafts show. and in the Canton Art Market in Canton. Miss. Pam uses a dual fuel torch mixture to create unusual designs and she especially likes experimenting with different glasses. discovering how they interact with one another.Jose Camuendo comes to PrairieFest from Chicago. He has been creating and selling his work for 12 years. but only been participating in art shows for the past two years. He is joined in his jewelry-making effort by his brother and by his wife. In addition to jewelry. Jose also makes cedar and bamboo flutes. He plays his flutes and markets recordings of his music as well. He will bring all his talents to PrairieFest this year for the very first time.Frankie Collins from Hutchinson. also makes her debut at the festival this year. The addition of her large variety of hand woven baskets will be a welcome delight to many festival shoppers.Roylynn Evans travels from her home in Amarillo. to participate in her first PrairieFest. With 32 years experience as an artist. Roylynn has amassed numerous show awards. She received 2nd place at Affaire in the Gardens in Beverly Hills. and a purchase award from the Walt Disney Company at their Festival of the Masters art show. She had a 6-page article about her painting techniques in the August. 1994 American Artist Magazine. Making their first appearance at PrairieFest. Don and Char Bigger. make metal art and lawn products. Char does most of the design work and makes templates and patterns for their products. She also strings the wind chimes and makes packaging. Their wind chimes always draw a crowd as they are hand-tuned and quite melodious. In their two years in business. they have shown their work at the Wichita Garden Show. Art in the Park event. and at lots of craft shows. especially church craft shows.Another fine artist bringing his work is Joe Friddle from Killeen. Texas. Joe received an art education at Auburn University then followed college with a career as a high school teacher and coach. While he did portraits as a college student. he didn't start painting watercolors professionally until the early 1990's. Though he's earned several first place awards. he says his greatest reward comes when people like his work. Joe has his work hanging in at least 15 different countries and he says he's shown in every kind of art show from street festivals to fine art shows. South Padre Island. Castroville to Red River. and Oklahoma City. He belongs to the Texas Wildbunch. Texas' oldest group of professional artists. When Joe first began painting. he chose wildlife. but his work has evolved to include landscapes. and even some florals and still lifes. He also does commission portraits. This is Joe's first time at PrairieFest.Above: Maggie Bicker of Winfield participates in the quick draw competition last year at Prairiefest. as she makes a drawing at the Cowley Fishing Lake. The quick draw competition will be held Friday morning.Schedule of events Thursday9 a.m. - 3 p.m. Ark camp for children at Wilson Park. Kim McDowell. the reigning Mrs. Kansas. will bring three of her six children to the camp during the afternoon. 7:30 p.m. Arkansas City Band concert at Wilson Park.Friday9:30 a.m. - Noon Quickdraw competition.7 p.m..
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