Release Date: August 30, 2004
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AUGUST 2004

The Commerce Department revised its earlier second quarter GNP figures downward to an annual 2.8% growth rate. A bevy of other economic indexes also were disappointing. The Conference Board index of leading economic indicators dropped 0.3% in July to 116, the first time in more than a year that it declined. Productivity in the second quarter posted its slowest gain since 2002, growing at an annul rate of 2.9%. The previously red hot housing market turned tail and sales of existing home in July declined 2.9% from the previous month. Personal income in July inched up only 0.1%, falling short of expectations. Consumer spending, however, was up 0.8% in July after registering a 0.2% decline in June.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in July at 208.1 (1982 equals 100), down from 210.8 the previous month but up from 175.3 for the same month a year ago. Hardwood lumber was at an index of 199.9, even with 200.0 for the preceding month and up from 191.6 the same month a year ago. Millwork prices were at an index of 194.4, up from 193.7 the preceding month and up from 182.1 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in July was $13.16 an hour, up from $13.11 the previous month and up from $12.97 an hour a year ago. The average work week of non-supervisory workers was 39.2 hours, down from 39.8 hours the previous month but up from 38.9 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 $5.72 billion value of retail and non-office commercial construction in June, up slightly from a revised $5.31 billion for the previous month, and from $5.63 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in July totaled $258.28 billion, up from a revised $257.82 billion for the previous month but up from $239.49 billion for the same month a year ago. Unadjusted retail sales were $260.28 billion, up from $257.72 billion for the previous month, and up from $239.46 billion a year ago. Seasonally adjusted department store sales totaled $17.08 billion, down slightly from $17.66 billion the previous month and down from $18.01 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $15.67 billion, even with $15.68 the previous month but up from $15.08 billion for the same month a year ago.