Release Date: September 2001
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@nasfm.org

SEPTEMBER 2001

Even before the Sept. 11 terrorist attacks the nation's economy was sputtering. The trauma, layoffs, lost business since then could make the situation much worse. Economic data gathered in August now probably doesn't adequately reflect current conditions. For the record, industrial production in August dropped 0.8 percent, the 11th consecutive monthly decline. The Labor Department also revised downward its earlier estimate of productivity in the second quarter to a 2.1 percent growth, compared with 2.5 percent reported earlier. Construction spending dropped 0.1 percent in July. Next month's economic reports are almost certain to worse.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in August at 172.9(1982 equals 100), down from 175.1 for the previous month and down from 173.2 for the same month a year ago. Hardwood lumber was at an index of 179.6 down slightly from 180.1 for the preceding month and down from 186.8 the same month a year ago. Millwork prices were at an index of 179.6, up slightly from 179.3 the preceding month, and up from 176.4 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the total number of workers in the fixture and furniture industry in August was 520,200, down from a revised 521,800 the previous month and down from 562,100 for the same month a year ago. Average hourly wage was $12.45 an hour, up from a revised $12.27 the previous month and up from $11.83 an hour a year ago.

NEW STORE CONSTRUCTION. As partially reflected in Commerce Department figures on new commercial construction excluding office and hotels, new stores were part of the $5.4 billion value of retail and non-office commercial construction in July, up slightly from $5.2 billion for the previous month, and up from $5.4 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in August totaled $220.81 billion, up slightly from a revised $219.72 billion for the previous month and up from $214.20 billion for the same month a year ago. Unadjusted retail sales were $216.68 billion, up from $215.10 billion for the previous month, but down from $218.24 billion a year ago. Seasonally adjusted department store sales totaled $19.89 billion, almost even with a revised $19.76 billion the previous month and $19.78 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.24 billion, down slightly from $14.35 billion for the previous month but up from $17.10 billion for the same month a year ago.