Release Date: June 30, 2002
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JUNE 2002

The economic data continues to look encouraging. Durable goods order rose 0.6% in May after a long series of monthly declines. The jobless rate fell to 5.87% from the previous 6% high. Disposable income rose 0.3%, the second consecutive monthly increase. However, the Commerce Department reported consumer spending dropped 0.1%, the first decline in six months. Since consumer spending accounts for two-thirds of the nation’s GDP, economists will be watching closely to see if this index bounces back up in June. Also on the downside, businesses also are spending less of capital investment.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in May at 172.8 (1982 equals 100), down from 175.1 for the previous month and down from 181.1 for the same month a year ago. Hardwood lumber was at an index of 177.3, up very slightly from 177.0 for the preceding month but down from 182.0 the same month a year ago. Millwork prices were at an index of 179.98, even with 179.8 the preceding month, and 179.3 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 May was 496,500, even with a revised 496,900 the previous month but down from 529,000 for the same month a year ago. Average hourly wage was $12.60 an hour, up slightly from a revised $12.55 the previous month and up from $12.13 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 $5.0 billion value of retail and non-office commercial construction in April, up slightly from $4.8 billion for the previous month, but down slightly from $5.3 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in May totaled $227.11 billion, even with a revised $227.98 billion for the previous month and up from $219.63 billion for the same month a year ago. Unadjusted retail sales were $237.47 billion, up from $221.51 billion for the previous month, and up from $227.91 billion a year ago. Seasonally adjusted department store sales totaled $18.89 billion, down slightly from $19.31 billion the previous month and down slightly from $19.09 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.34 billion, even with $14.74 billion for the previous month and even with $14.02 billion for the same month a year ago.