Release Date: March 28, 2003
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MARCH 2003

Economic signposts have not been encouraging. Durable goods orders fell 1.2% in February from the previous month. Sales of new homes plunged 8.15 in February to the lowest level in three years. New housing starts dropped 11%, the largest monthly fall in nine years. The consumer confidence survey fell to the lowest level in a decade. Unemployment rose to 5.8% in February. The Commerce Department final tally of the fourth quarter GDP remained at the same modest 1.4% increase. March economic indicators will be watched closely to see what impact the war in Iraq is having.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in February at 170.7 (1982 equals 100), up from 168.2 the previous month but down from 171.3 for the same month a year ago. Hardwood lumber was at an index of 183, up from 181.9 for the preceding month and up from 177.2 the same month a year ago. Millwork prices were at an index of 180.0 almost even with 179.5 the preceding month and 179.4 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 February was 491,000, up from a revised 471,000 the previous month and even with 491,800 for the same month a year ago. Average hourly wage was $12.82 an hour, up from a revised $12782 the previous month and up from $12.59 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 $3.8 billion value of retail and non-office commercial construction in January, down from $4.1 billion for the previous month, and down from $4.3 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in February totaled $232.46 billion, down from a revised $234.84 billion for the previous month but up from $224.35 billion for the same month a year ago. Unadjusted retail sales were $203.55 billion, down from $212.97 billion for the previous month, but up from $200.79 billion a year ago. Seasonally adjusted department store sales totaled $18.29 billion, even with $18.24 billion the previous month but down slightly from $19.26 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.37 billion, down slightly from $14.90 billion for the previous month and down from $14.60 billion for the same month a year ago.