Release Date: September 29, 2002
Phone: 954-893-7300
Fax: 954-893-7500
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SEPTEMBER 2002

The economy continues to stumble along with mixed signals in government indexes. Industrial production fell 0.3% in August from the previous month, the first drop in eight months. Durable goods orders declined 0.6% in August after a big 8.6% surge in July. New home sales fell 1.7% from the previous month and 3.8% below a year ago. However, the Commerce Department revised the second quarter GDP to a increase of 1.3%, which was slightly higher than originally tabulated. Unemployment fell to 5.7% in August, down from 5.9% the previous month. Analysts expect a mixed bag of economic reports in the coming month until some clear direction becomes apparent.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in August at 169.9 (1982 equals 100), even with 170.0 for the previous month but down from 174.5 for the same month a year ago. Hardwood lumber was at an index of 178.4, up from 177.7 for the preceding month but down from 179.4 the same month a year ago. Millwork prices were at an index of 180.4, up from 179.9 the preceding month, and even with 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 August was 494,000, up from a revised 492,500 the previous month but down from 512,700 for the same month a year ago. Average hourly wage was $12.61 an hour, virtually unchanged from a revised $12.56 the previous month but up from $12.33 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 July, even with $4.7 billion for the previous month, but down from $5.4 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in August totaled $228.86 billion, up slightly from a revised $228.03 billion for the previous month and up from $220.62 billion for the same month a year ago. Unadjusted retail sales were $235.89 billion, up from $226.64 billion for the previous month, and up from $227.60 billion a year ago. Seasonally adjusted department store sales totaled $18.93 billion, even with $18.96 billion the previous month but down slightly from $19.37 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.43 billion, even with $14.48 billion for the previous month and up slightly from $14.15 billion for the same month a year ago.