Release Date: November 2001
Phone: 954-893-7300
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NOVEMBER 2001

It's back to the mixed-economic-signals time. Just when most indicators are gloomy indeed, some bright spots crop up. Not enough to be sure the economy has hit bottom, but enough silver linings to indicate there's no freefall either. On the dark side, the Commerce Department revised its third quarter GDP downward to a 1.1% decline. The National Association of Purchasing Management index of factory activity dropped in October to its lowest level since 1990. On a brighter note, however, U.S. productivity in the third quarter rose faster than expected with a 2.7% hike ? giving hope that lower production costs could spark a turnaround. Sales of existing homes rose in October, indicating greater buyer confidence. And best of all, durable goods orders, even after excluding an unusual jump in defense goods, started turning upwards again. Stay tuned?

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in October at 166.8(1982 equals 100), down from 172.2 for the previous month and down from 171.6 for the same month a year ago. Hardwood lumber was at an index of 178.0 down slightly from 178.6 for the preceding month and down from 187.5 the same month a year ago. Millwork prices were at an index of 180.1 up slightly from 179.9 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 October was 504,700, down from a revised 514,200 the previous month and down from 560,900 for the same month a year ago. Average hourly wage was $12.34 an hour, down from a revised $12.35 the previous month and up from $11.86 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 October, 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 October totaled $219.42 billion, up from a revised $217.28 billion for the previous month and up from $216.24 billion for the same month a year ago. Unadjusted retail sales were $218.12 billion, up from $206.53 billion for the previous month, and up from $212.47 billion a year ago. Seasonally adjusted department store sales totaled $35.01 billion, up slightly from $134.78 billion the previous month and up from $135.25 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.29 billion, up from $13.36 billion for the previous month and even with 14.29 billion for the same month a year ago.