Release Date: May 29, 2003
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MAY 2003

The economy continues to bump along, with no clear direction up or down. The housing market, buoyed by the lowest interest rates in decades, continues to grow. New home sales rose 1.7% in April from the previous month, the best showing since December. The consumer confidence survey in April was at an index of 83.8, the best since last November. Productivity rose 1.6% in the first quarter over the previous period. On the down side, factory orders fell 2.4% in April, a larger drop than expected. The April unemployment rate was 6%, an 8-year high. Economists are waiting for clearer signals before calling their shots.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in April at 169.5 (1982 equals 100), almost equal to 169.0 the previous month but down from 174.7 for the same month a year ago. Hardwood lumber was at an index of 187.6, up from 185.6 for the preceding month and up from 177.1 the same month a year ago. Millwork prices were at an index of 180.8 up slightly from 180.2 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 April was 469,600, down from a revised 473,800 the previous month and down from 499,000 for the same month a year ago. Average hourly wage was $12.77 an hour, even with $12.76 the previous month but up from $12.54 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 $4.3 billion value of retail and non-office commercial construction in March, up slightly from $4.0 billion for the previous month, but down slightly from $4.6 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in April totaled $234.06 billion, down from a revised $236.27 billion for the previous month but up from $227.75 billion for the same month a year ago. Unadjusted retail sales were $230.78 billion, up from $229.13.52 billion for the previous month, and up from $220.99 billion a year ago. Seasonally adjusted department store sales totaled $17.80 billion, down slightly from $18.04 billion the previous month and down from 419.41 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.34 billion, almost even with $14.81 billion for the previous month and $14.46 billion for the same month a year ago.