Release Date: November 30, 2003
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NOVEMBER 2003

The economic news keeps getting better. The Commerce Department revised upwards the final third quarter GDP to an annual growth rate of 8.2% -- the fastest in two decades. The nation’s economy isn’t expected to keep up such a torrid pace in the fourth quarter, but analysts still project a 4% annual growth rate. Durable goods orders jumped 3.3% in October, the sixth consecutive monthly gain.
Personal incomes rose 0.4% in October. New housing starts rose 2.9% in October, the highest one-month gain in 18 years. Productivity rose at an annual rate of 8.1% in the third quarter, the fastest pace in more than 50 years. Even with the flurry of good economic reports, analysts are still waiting to see if the resurgence continues at such a rate.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in October at 180.5 (1982 equals 100), down from 184.5 the previous month but up from 168.1 for the same month a year ago. Hardwood lumber was at an index of 193.4, almost the same as 193.1 for the preceding month and up from 179.6 the same month a year ago. Millwork prices were at an index of 183.6, the same as 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 Octber was $13.02 an hour, down from $13.11 the previous month and up from $12.74 an hour a year ago. The average work week of non-supervisory workers was 39.1 hours, down from 39.6 hours the previous month but up from 38.6 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 $5.29 billion value of retail and non-office commercial construction in September, even with a revised $5.28 billion for the previous month, but down from $5.63 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in October totaled $243.97 billion, up slightly from a revised $243.49 billion for the previous month and up from $229.68 billion for the same month a year ago. Unadjusted retail sales were $245.48 billion, up from $232.93 billion for the previous month, and up from $229.12 billion a year ago. Seasonally adjusted department store sales totaled $18.32 billion, almost even with $18.46 billion the previous month but down slightly from $19.07 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.14 billion, even with the previous month and up from $14.48 billion for the same month a year ago.