Release Date: September 27, 2003
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SEPTEMBER 2003

The Gross Domestic Product (GDP) in the second quarter grew at an annual rate of 3.3%, higher than the 3.1% increase the Commerce Department estimated a month ago. Industrial output in August inched up 0.1% after a 0.7% monthly gain in July. Sales of new and existing homes in August were at an annual rate of 7.62 million, a record high. The leading economic indicators rose 0.4% in August for the fourth consecutive monthly increase. On the down side, durable goods orders in August declined 0.9%. Although most indexes were looking up, forecasters are waiting for a solid trend before declaring that the economy has turned around.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in August at 176.1 (1982 equals 100), up from 175.7 the previous month and up from 171.4 for the same month a year ago. Hardwood lumber was at an index of 192.1, up from 191.5 for the preceding month and up from 178.5 the same month a year ago. Millwork prices were at an index of 182.3, the same as the preceding month and up from 180.4 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in August was $12.96 an hour, the same as the previous month and up from $12.75 an hour a year ago. The average work week of non-supervisory workers was 39.4 hours, up slightly from 39.0 hours the previous month up slightly down from 39.1 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 $5.4 billion value of retail and non-office commercial construction in July, up from $6.3 billion for the previous month, and up from $5.2 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in August totaled $241.45 billion, up from a revised $239.88 billion for the previous month and up from $227.85 billion for the same month a year ago. Unadjusted retail sales were $246.67 billion, up from $240.61 billion for the previous month, and up from $235.57 billion a year ago. Seasonally adjusted department store sales totaled $18.51 billion, almost even with $18.44 billion the previous month but down slightly from $18.81 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $14.76 billion, almost even with $14.97 billion for the previous month and up slightly from $14.19 billion for the same month a year ago.