Release Date: October 30, 2003
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OCTOBER 2003

Amid hope that the economy is starting to rebound, more positive signs continue to emerge. The nation’s economy in the third quarter grew at an annual rate of 7.2%, the best GDP showing in nearly two decades. Manufacturing expanded in September for the third consecutive monthly increase. The Institute of Supply Management manufacturing index rose to 53.7, with readings above 50 indicating growth. Employment in September rose for the first time since January, adding 57,000 jobs. Sales of new homes, spurred by continued low mortgage rates, jumped 3.6% in September to 6.69 million homes, a monthly record. A down note was sounded, however, by the Index of Leading Economic Indicators which dipped 0.2% in September, the first decline in four months.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in September at 184.6 (1982 equals 100), a big jump from 176.1 the previous month and up from 169.9 for the same month a year ago. Hardwood lumber was at an index of 193.1, up from 192.2 for the preceding month and up from 178.5 the same month a year ago. Millwork prices were at an index of 183.6, up from 182.3 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 September was $13.13 an hour, up from 413.05 the previous month and up from $12.77 an hour a year ago. The average work week of non-supervisory workers was 39.6 hours, up slightly from 39.5 hours the previous month up 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 $5.82 billion value of retail and non-office commercial construction in August, up from $5.62 billion for the previous month, and up from $5.49 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in August totaled $243.92 billion, up slightly from a revised $243.30 billion for the previous month and up from $227.44 billion for the same month a year ago. Unadjusted retail sales were $233.36 billion, down from $248.68 billion for the previous month, but up from $215.36 billion a year ago. Seasonally adjusted department store sales totaled $18.58 billion, the same as the previous month but down slightly from $18.63 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.14 billion, up from $14.93 billion for the previous month and up from $13.93 billion for the same month a year ago.