Release Date: July 28, 2002
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JULY 2002

Just when economic signs were looking better, the erratic stock market preempted all attention. Then some indexes showed a dip, suggesting a full-blown recovery isn’t underway yet. The Commerce Department reported that durable goods orders fell 3.8% in June from the previous month, the largest dip in seven months and the first monthly decline since March. New home sales, one of the best signs in recent times dropped 11.7% in June from May. Good news came in the report on new claims for unemployment insurance that fell to a 17-month low. If July claims show a similar pattern, analysts hope that the layoff frenzy so far this year may be abating.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in June at 168.2 (1982 equals 100), down from 172.8 for the previous month and down from 183.2 for the same month a year ago. Hardwood lumber was at an index of 176.7, down slightly from 177.3 for the preceding month and down from 180.6 the same month a year ago. Millwork prices were at an index of 180.01, even with 179.8 the preceding month, and 180.6 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 June was 499,400, up from a revised 495,800 the previous month but down from 525,300 for the same month a year ago. Average hourly wage was $12.66 an hour, up from a revised $12.58 the previous month and up from $12.19 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 May, up slightly from $4.9 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 June totaled $227.57 billion, up slightly from a revised $226.76 billion for the previous month and up from $219.44 billion for the same month a year ago. Unadjusted retail sales were $225.65 billion, down from $236.83 billion for the previous month, but up from $221.19 billion a year ago. Seasonally adjusted department store sales totaled $19.08 billion, up slightly from $18.95 billion the previous month and even with $19.08 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.59 billion, even with $14.31 billion for the previous month and up slightly from $14.12 billion for the same month a year ago.