Release Date: August 26, 2002
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AUGUST 2002

The economy continues to sputter along without breaking out into any long-hoped-for strong recovery. Factory output in July inched up 0.1%, compared to 0.6% growth in June. The jobless rate remained at 5.9% in July, and the number of new claims for unemployment insurance rose slightly from the previous month. The index of leading economic indicators dropped 0.4% in July to an index of 111.7. Productivity of American workers, one of the few bright spots in the sluggish economy, was running at an annual growth rate of 1.1% in the second quarter, down sharply from a 8.6% annual rate in the first quarter. So the long wait for a major upturn continues to drag on……

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in July at 170.6 (1982 equals 100), up from 169.2 for the previous month but down from 175.4 for the same month a year ago. Hardwood lumber was at an index of 177.7, up from 176.7 for the preceding month but down from 180.0 the same month a year ago. Millwork prices were at an index of 179.9, even with 180.0 the preceding month, and down slightly from 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 July was 493,300, down from a revised 499,500 the previous month and down from 516,500 for the same month a year ago. Average hourly wage was $12.62 an hour, virtually unchanged from a revised $12.63 the previous month but up from $12.27 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 $3.7 billion value of retail and non-office commercial construction in June, almost even with $4.8 billion for the previous month, but down from $5.3 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in July totaled $228.45 billion, up slightly from a revised $227.97 billion for the previous month and up from $219.81 billion for the same month a year ago. Unadjusted retail sales were $226.91 billion, even with $226.34 billion for the previous month, but up from $215.93 billion a year ago. Seasonally adjusted department store sales totaled $19.04 billion, even with $19.06 billion the previous month but down slightly from $19.37 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.47 billion, even with $14.65 billion for the previous month and up slightly from $14.22 billion for the same month a year ago.