Release Date: March 28, 2004
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MARCH 2004

Although the job market continued its troubling trend, other areas of the economy have picked up sharply. Industrial production in February grew by 0.7% after a 0.8% rise the previous month. Durable goods orders jumped 2.5% in February after dipping in January. Corporate profits soared 29% in the fourth quarter of 2003, the largest increase in 20 years. Consumer spending edged up 0.2% in February, a smaller increase than January’s 0.5% gain. New home sales shot up 5.8% in February to their highest level in six months. On the down side, The University of Michigan index of consumer confidence dipped in February, reflecting the job market outlook.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in January at 184.4 (1982 equals 100), up from 181.8 the previous month and up from 168.1 for the same month a year ago. Hardwood lumber was at an index of 198.4, up from 195.8 for the preceding month and up from 181.8 the same month a year ago. Millwork prices were at an index of 183.8, 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 $4.37 billion value of retail and non-office commercial construction in January, down from a revised $4.84 billion for the previous month, and almost even with $4.41 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in February totaled $249.85 billion, even with a revised $249.89 billion for the previous month and up from $232.81 billion for the same month a year ago. Unadjusted retail sales were $225.16 billion, up from $229.79 billion for the previous month, and up from $204.64 billion a year ago. Seasonally adjusted department store sales totaled $18.41 billion, up slightly from $18.19 billion the previous month And up slightly from $18.29 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.73 billion, even with the previous month and up from $14.35 billion for the same month a year ago.