Release Date: April 27, 2004
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@nasfm.org

link to previous articles

APRIL 2004

The economy continues to show signs of strength, but analysts fear the growth may be starting to fuel the beginnings of inflation. After a long period of little or no inflation, producer prices rose 0.5% in March, more than expected. In the first three months of 2004, producer prices have risen at an annual rate of 2.1%, above the 1% increase for the same period last year. Durable goods orders jumped 3.4% in March. Durable goods inventories inched up only 0.1%, reflecting strong orders that were winnowing down stocks. The manufacturing index of the Institute of Supply Management rose to 62.5 in March, up from 61.4 in February, with any reading above 50 indicating an expanding factory sector. The Conference Board survey of leading economic indicators rose 0.3% in March, after holding steady in February.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in March at 200.3 (1982 equals 100), up from 190.7 the previous month and up from 169.0 for the same month a year ago. Hardwood lumber was at an index of 200.1, up from 199.1 for the preceding month and up from 187.1 the same month a year ago. Millwork prices were at an index of 185.5, up from 184.5 the preceding month and up from 180.4 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in March was $12.98 an hour, slightly up from $12.92 the previous month and up slightly from $12.92 an hour a year ago. The average work week of non-supervisory workers was 39.7 hours, up from 39.1 hours the previous month and 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 $4.33 billion value of retail and non-office commercial construction in February, down slightly from a revised $4.36 billion for the previous month, and down from $4.38 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in March totaled $254.45 billion, up from a revised $250.59 billion for the previous month and up from $235.06 billion for the same month a year ago. Unadjusted retail sales were $250.07 billion, up from $225.70 billion for the previous month, and up from $225.70 billion a year ago. Seasonally adjusted department store sales totaled $18.07 billion, down slightly from $18.22 billion the previous month but up slightly from $17.79 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.02 billion, up from $15.71 the previous month and up from $14.62 billion for the same month a year ago.