Release Date: December 29, 2003
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DECEMBER 2003

After a spate of upbeat economic signs in the last several months, some numbers in November sagged. Durable good orders dropped 3.1% in November and inventories fell 0.1%. The Commerce Department also reported sales of new single family homes declined 2.4% in the month , the third consecutive monthly drop. On the plus side, productivity in the third quarter rose 9.4%, at the fastest rate in 20 years. New factory orders also showed an increase of 2.2%. The core inflation rate also dropped 0.2% for the lowest rate in 40 years.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at 182.4 (1982 equals 100), up from 180.5 the previous month and up from 167.7 for the same month a year ago. Hardwood lumber was at an index of 196.5, up from 193.4 for the preceding month and up from 180.4 the same month a year ago. Millwork prices were at an index of 183.7, the same as the preceding month and up from 180.0 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in November was $13.09 an hour, up from $13.01 the previous month and up from $12.79 an hour a year ago. The average work week of non-supervisory workers was 39.9 hours, up from 39.1 hours the previous month and up from 38.7 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 $5.45 billion value of retail and non-office commercial construction in October, down slightly from a revised $5.75 billion for the previous month, but even with $5.44 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled $245.26 billion, up slightly from a revised $244.36 billion for the previous month and up from $229.50 billion for the same month a year ago. Unadjusted retail sales were $248.45 billion, up from $246.11 billion for the previous month, and up from $229.12 billion a year ago. Seasonally adjusted department store sales totaled $17.87 billion, down slightly from $18.08 billion the previous month and down from $18.93 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.23 billion, even with the previous month and up from $14.54 billion for the same month a year ago.