Release Date: October 2001
Phone: 954-893-7300
Fax: 954-893-7500
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OCTOBER 2001

Economists and businesses are hunkering down in the fourth quarter, hoping that 2002 will mark a turn-around. The third quarter GDP came in with a slight decline, and the fourth quarter figure is expected to show a 1% to 1.2% drop. Consumer spending, although still growing slightly has slowed dramatically. Business capital spending has fallen. Technology investment, once a big prop for the economy, is down 14% in the third quarter from the previous period. Everyone is looking for some signpost that the downturn has run its course.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in September at 172.2(1982 equals 100), down slightly from 172.9 for the previous month but up from 171.4 for the same month a year ago. Hardwood lumber was at an index of 178.6 down from 179.6 for the preceding month and down from 186.8 the same month a year ago. Millwork prices were at an index of 179.0, up slightly from 179.6 the preceding month, and up from 176.2 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 September was 517,500, down from a revised 522,800 the previous month and down from 560,600 for the same month a year ago. Average hourly wage was $12.28 an hour, down from a revised $12.32 the previous month and up from $11.88 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 $5.2 billion value of retail and non-office commercial construction in September, down slightly from $5.3 billion for the previous month, and down from $5.8 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in September totaled $217.51 billion, down from a revised $221.12 billion for the previous month and up from $215.87 billion for the same month a year ago. Unadjusted retail sales were $207.0 billion, down from $227.7 billion for the previous month, but up from $208.9 billion a year ago. Seasonally adjusted department store sales totaled $19.3 billion, down slightly from $19.6 billion the previous month and down from $19.9 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $13.36 billion, down from $14.2 billion for the previous month and down from 14.3 billion for the same month a year ago.