Release Date: January 28, 2004
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JANUARY 2004

Many economic signs continued to point up, while manufacturing still lagged. The index of economic indicators in December rose 0.2%, the ninth consecutive monthly gain. The survey of consumer confidence rose to an index of 96.8 in January, aits highest level since July 2002. The National Association of Home Builders forecast 1.45 million single family home starts this year, just slightly off the torrid 2003 pace. But less encouraging were several manufacturing reports. Durable goods orders were flat in December, even with the previous month’s sharp decline. Overall factory orders in December fell 1.4%,s the biggest decline in seven months.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in December at 181.8 (1982 equals 100), down slightly from 182.4 the previous month but up from 167.7 for the same month a year ago. Hardwood lumber was at an index of 195.5, down from 196.5 for the preceding month but up from 180.8 the same month a year ago. Millwork prices were at an index of 183.7=6, the same as the preceding month and up from 179.6 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in December was $13.21 an hour, up from $13.08 the previous month and up from $12.93 an hour a year ago. The average work week of non-supervisory workers was 40.5 hours, up from 39.8 hours the previous month and even with 40.4 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 $5.28 billion value of retail and non-office commercial construction in November, down slightly from a revised $5.53 billion for the previous month, and $5.54 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in December totaled $246.28 billion, up slightly from a revised $245.99 billion for the previous month and up from $230.71 billion for the same month a year ago. Unadjusted retail sales were $302.13 billion, up from $249.37 billion for the previous month, and up from $281.50 billion a year ago. Seasonally adjusted department store sales totaled $17.97 billion, even with the previous month but down from $18.32 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.27 billion, even with the previous month and up from $14.51 billion for the same month a year ago.