Release Date: May 31, 2002
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MAY 2002

Economic signs continue to be mixed in trying to gauge whether business is finally starting to rebound. Consumer spending in the latest survey rose 0.5% and personal income was up 0.3%. Sales of new homes surged 7% in April, but analysts said this could be due more to low mortgage rates than any economic turnaround. On the negative side, the jobless rate jumped to 6% and could go up to 6.5% in June, some experts believed. The nation’s productivity rate also slowed to a 2.5% increase in the first quarter, half of the rate growth in the previous two quarters.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in April at 175.1 (1982 equals 100), up slightly from 174.5 for the previous month and up from 170.0 for the same month a year ago. Hardwood lumber was at an index of 177.0, up from 176.2 for the preceding month but down from 183.4 the same month a year ago. Millwork prices were at an index of 179.9, up slightly from 179.5 the preceding month, and up from 178.1 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 April was 501,400, up from a revised 496,700 the previous month but down from 544,100 for the same month a year ago. Average hourly wage was $12.52 an hour, even with a revised $12.52 the previous month but up from $12.07 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 $4.7 billion value of retail and non-office commercial construction in March, up from $4.3 billion for the previous month, but down slightly from $5.1 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in April totaled $227.86 billion, up from a revised $225.56 billion for the previous month and up from $216.85 billion for the same month a year ago. Unadjusted retail sales were $221.11 billion, even with $221.73 billion for the previous month, and up from $212.95 billion a year ago. Seasonally adjusted department store sales totaled $19.40 billion, even with $19.28 billion the previous month and up slightly from $19.09 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.74 billion, even with $14.64 billion for the previous month and even with $14.20 billion for the same month a year ago.