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

link to previous articles

FEBRUARY 2002

The nation’s economy seems to be bumping in spits and starts towards turning around. No one is yet ready to put a full-blown “recovery” label on the latest economic figures, but most signs are hopeful. Durable goods orders – an index closely watched as a bellwether of trends to come – rose by 2.6% in January. It was the third time in four months to score an increase. Industrial production in January leveled off from the previous month after dropping for five previous months. Construction of new homes surprised everyone by jumping 6.3% in January. All eyes will be on the upcoming economic data to see if the trends get even better.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in January at 170.7(1982 equals 100), down slightly from 171.4 for the previous month but up from 166.6 for the same month a year ago. Hardwood lumber was at an index of 177.4, down from 181.1 for the preceding month and down from 186.8 the same month a year ago. Millwork prices were at an index of 178.9, down slightly from 179.1 the preceding month, and up from 176.8 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 January was 496,300, down from a revised 500,400 the previous month and down from 551,800 for the same month a year ago. Average hourly wage was $12.60 an hour, up from a revised $12.56 the previous month and up from $11.92 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 $4.8 billion value of retail and non-office commercial construction in January, down from $5.3 billion for the previous month, but almost even with $4.9 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in January totaled $223,01 billion, up from a revised $220.45 billion for the previous month and up from $217.62 billion for the same month a year ago. Unadjusted retail sales were $200.46 billion, down from $272.88 billion for the previous month, but up from $194.79 billion a year ago. Seasonally adjusted department store sales totaled $20.58 billion, even with $20.18 billion the previous month and up slightly from $19.81 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.72 billion, almost even with $14.37 billion for the previous month and even with $14.42 billion for the same month a year ago.