Release Date: August 28, 2003
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@nasfm.org

link to previous articles

AUGUST 2003

Finally a bevy of signs are pointing to an upward-moving economy. The Commerce Department revised higher its earlier estimate of the second quarter GDP to a 3.1% annual rate increase from 2.4%. Sales of existing homes in July jumped 5% to an all-time record of 6.12 million units on an annualized basis. Durable goods orders rose 1% in July, the second consecutive monthly increase. Factory production in July rose 0.5%, the biggest gain in six months. Productivity in the second quarter shot up 5.7%, the fastest pace in nine months. The index of economic indicators rose 0.4% in July, the fourth straight monthly increase. Economy watchers are now hoping the momentum rolls on.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in July at 175.7 (1982 equals 100), up from 171.2 the previous month and up from 170.2 for the same month a year ago. Hardwood lumber was at an index of 191.5, up from 190.4 for the preceding month and up from 177.9 the same month a year ago. Millwork prices were at an index of 182.3 up from 181.4 the preceding month and up from 180.2 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in July was $13.04 an hour, up from $12.96 the previous month and up from $12.67 an hour a year ago. The average work week of non-supervisory workers was 38.9 hours, down slightly from 39.1 hours the previous month and slightly down from 39.2 hours 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 $5.34 billion value of retail and non-office commercial construction in June, up from $4.96 billion for the previous month, but even with $5.35 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in July totaled $239.09 billion, up from a revised $237.15 billion for the previous month and up from $227.43 billion for the same month a year ago. Unadjusted retail sales were $240.08 billion, up from $235.29 billion for the previous month, and up from $226.61 billion a year ago. Seasonally adjusted department store sales totaled $18.35 billion, almost even with $18.17 billion the previous month but down slightly from $18.76 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.87 billion, almost even with $14.76 billion for the previous month and up slightly from $14.20 billion for the same month a year ago.