Release Date: February 28, 2004
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FEBRUARY 2004

The nation’s economy continues to get some mixed reviews. Industrial production in January rebounded 0.8% from the previous month. Utilization of plant capacity rose to 76.2% in January, up from 75.6% a month earlier. Productivity of American workers increased at an annual rate of 2.7% in the fourth quarter. But this was done sharply from a 9.5% spurt in the third quarter. Durable goods sale in January declined 1.8% after a 1.6% increase the previous month. The unemployment rate dipped slightly to 5.6% from 5.7% in December. The Commerce Department reported that business inventories increased 0.3% in December, the fourth consecutive monthly gain. Meanwhile, two separate surveys of consumer confidence measured by the University of Michigan and the Conference Board each fell nearly 10% in February, reflecting continued worries about the job market and personal finances.

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 195.8, 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 183.6, even with 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 $12.96 an hour, down from $13.10 the previous month but up slightly from $12.92 an hour a year ago. The average work week of non-supervisory workers was 39.5 hours, down from 40.6 hours the previous month but up from 38.2 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 $4.58 billion value of retail and non-office commercial construction in December, down from a revised $5.00 billion for the previous month, and up slightly from $4.36 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in January totaled $248.92 billion, up from a revised $246.77 billion for the previous month and up from $235……47 billion for the same month a year ago. Unadjusted retail sales were $227.71 billion, up from $301.87 billion for the previous month, and up from $213.17 billion a year ago. Seasonally adjusted department store sales totaled $18.11 billion, up slightly from $18.02 billion the previous month but down slightly from $18.17 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.68 billion, even with the previous month and up from $14.70 billion for the same month a year ago.