Release Date: January 26, 2003
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JANUARY 2003

The economy continues to tack and turn with no clear sign of a future course. Industrial production dropped 0.6 percent for all of 2002 after a 3.5 percent decline in 2001. Factory orders in November fell 0.8 percent. Factory utilization in December was at a 75.4 percent rate, down slightly from 75.6 percent the previous month. On the plus site, the housing market remained the bright spot in the economy. New housing starts rose 6.4 percent in 2002 for a 16-year high. Now forecasters are waiting for other business indexes to pick up before declaring the economy has turned the corner.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in December at 170.6 (1982 equals 100), up from 168.2 for the previous month but down from 171.6 for the same month a year ago. Hardwood lumber was at an index of 178.2, down from 186.8 for the preceding month and down from 181.3 the same month a year ago. Millwork prices were at an index of 179.7, almost even with 179.5 the preceding month, and up slightly from 179.2 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 December was 476,600, down from a revised 483,200 the previous month and down from 493,300 for the same month a year ago. Average hourly wage was $12.93 an hour, up from a revised $12.74 the previous month but up from $12.56 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 $4.6 billion value of retail and non-office commercial construction in November, down slightly from $4.8 billion for the previous month, and down from $5.1 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in December totaled $231.21 billion, even with a revised $231.10 billion for the previous month and up from $221.57 billion for the same month a year ago. Unadjusted retail sales were $282.69 billion, up from $238.00 billion for the previous month, and up from $272.73 billion a year ago. Seasonally adjusted department store sales totaled $18.26 billion, even with $18.30 billion the previous month but down from $19.28 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.80 billion, up slightly from $14.68 billion for the previous month and up from $14.38 billion for the same month a year ago.