Release Date: January 28, 2002
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@nasfm.org

JANUARY 2002

No matter how the early 2002 economic indices come out, there is growing consensus that the second half of the year should turn around strongly. Numbers so far are mixed. New Home sales fell 0.8% in December from the previous month. Durable goods sales in December were slightly ahead of the month earlier. Personal income in the third quarter was 1.5% ahead of the previous quarter and is expected to show a small gain when fourth quarter totals come in. But the rest of 2002 should turn better. Inventories have been whittled down now and federal government spending will jump and the housing market is expected to become stronger. With any increase in now sagging factory utilization rates and a return to better profits, the economy should begin to look more better.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in December at 171.4(1982 equals 100), up from with 163.3 for the previous month and down from 175.5 for the same month a year ago. Hardwood lumber was at an index of 181.1, up from 176.4 for the preceding month but down from 185.9 the same month a year ago. Millwork prices were at an index of 179.1, even with 179.2 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 December was 497,200, down from a revised 498,000 the previous month and down from 557,500 for the same month a year ago. Average hourly wage was $12.63 an hour, up from a revised $12.38 the previous month and up from $11.93 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 $5.3 billion value of retail and non-office commercial construction in December, down from $5.6 billion for the previous month, but up slightly from $5.2 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in December totaled $218.39 billion, even with a revised $218.60 billion for the previous month and up from $214.93 billion for the same month a year ago. Unadjusted retail sales were $269.27 billion, up from $227.93 billion for the previous month, and up from $223.25 billion a year ago. Seasonally adjusted department store sales totaled $19.95 billion, even with $19.83 billion the previous month and $19.41 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.23 billion, up from $13.87 billion for the previous month and even with $14.29 billion for the same month a year ago.