Release
Date: May 27, 2004
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@retailenvironments.org
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MAY 2004
The nation’s economy grew at a faster 4.4% annual rate
in the first quarter than the 4.2% increase that Commerce
Department estimated a month ago. The U.S. GDP was higher
than the 4.1% annual rate reported for the final quarter of
2003. However, Commerce reported that durable good sales in
April dipped 2.9% after a 5.7% increase in March. The productivity
of U.S. workers in the first quarter grew at a slower 3.5%
annual rate, compared to a 4.4% annual growth in productivity
in the previous quarter. The housing market was mixed: sales
of existing homes jumped 2.5% in April from the previous month,
but sales of new homes fell 11.8% in April. Personal income
rose 0.4% in March to $9.5 trillion.
LUMBER PRICES. The Bureau of Labor Statistics
producer price index showed overall lumber price index in
April at 206.9 (1982 equals 100), up from 200.3 the previous
month and up from 169.4 for the same month a year ago. Hardwood
lumber was at an index of 198.7, down from 200.4 for the preceding
month but up from 187.1 the same month a year ago. Millwork
prices were at an index of 189.8, up from 185.5 the preceding
month and up from 180.8 a year earlier.
FIXTURE
LABOR FORCE. The Bureau of Labor Statistics reported
that the average hourly wage in the fixture and furniture
industry in April was $13.06 an hour, up from $12.98 the previous
month and up from $12.89 an hour a year ago. The average work
week of non-supervisory workers was 39.4 hours, the same as
the previous month and up from 37.9 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 $4.5-
billion value of retail and non-office commercial construction
in March, up slightly from a revised $4.26 billion for the
previous month, but down from $4.61 billion for the same month
a year ago.
RETAIL
SALES. Seasonally adjusted retail sales (excluding
automotive) in April totaled $255.04 billion, nearly equal
to a revised $255.22 billion for the previous month and up
from $233.22 billion for the same month a year ago. Unadjusted
retail sales were $253.39 billion, up from $250.71billion
for the previous month, and up from $225.88 billion a year
ago. Seasonally adjusted department store sales totaled $17.67
billion, almost equal to $17.97 billion the previous month
and the same as $17.69 billion a year ago. Seasonally adjusted
apparel and clothing store sales totaled $15.62 billion, down
slightly from $15.94 the previous month but up from $14.44
billion for the same month a year ago.