Release Date: December 2001
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DECEMBER 2001

Finally some good economic signs are starting to appear. The Commerce Department reported that durable goods orders were up 2.4 percent in November. More encouraging was a strong showing in computer and communications equipment orders – a precursor for maintaining strong U.S. productivity for spurring added economic growth. New homes sales rose 6.4 percent in November, the highest level since last March. Consumer confidence showed a rebound in the latest survey, climbing for the first time in six months. Consumer spending dipped 0.7 percent in November, less than expected, and still was at a higher level than before the Sept. 11 terrorist attack. Hopes are mounting that the worst is over, and 2002 may indeed usher in a better economic year.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at 166.3(1982 equals 100), almost even with 166.8 for the previous month and down from 170.4 for the same month a year ago. Hardwood lumber was at an index of 177.8, up slightly from 176.0 for the preceding month and down from 187.0 the same month a year ago. Millwork prices were at an index of 178.4, down from 180.1 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 November was 497,800, down from a revised 504,00 the previous month and down from 558,000 for the same month a year ago. Average hourly wage was $12.36 an hour, compared with a revised $12.38 the previous month and up from $11.90 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 $5.5 billion value of retail and non-office commercial construction in November, almost even with $5.4 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 November totaled $217.92 billion, down slightly from a revised $218.95 billion for the previous month and up from $215.55 billion for the same month a year ago. Unadjusted retail sales were $225.84 billion, up from $217.91 billion for the previous month, and up from $223.25 billion a year ago. Seasonally adjusted department store sales totaled $19.74 billion, even with $19.39 billion the previous month and $19.83 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.07 billion, even with $14.16 billion for the previous month and $14.15 billion for the same month a year ago.