Release Date: November 29, 2004
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NOVEMBER 2004

Economic signs continued to show no firm direction, although there were more positives than negatives. The Index of Leading Economic Indicators fell 0.3% in October to an index of 115.1. However4, The Federal Reserve Board reported industrial production in October was up 0.7% to an index of 117, and plant capacity utilization was also up to an operating rate of 77.7%, compared with 77.3% a month earlier. Existing home sales was up a scant 0.1% in October, slowing the pace from the previous two months. The University of Michigan consumer confidence survey rose to an index of 95.5 in October, up sharply from 91.7 the previous month. The labor Department reported that labor productivity in the third quarter grew at an annual rate of 1.9%, but this was below the earlier 3% annual growth rate.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in October at 205.1(1982 equals 100), down from 220.1 the previous month but up from 179.4 for the same month a year ago. Hardwood lumber was at an index of 201.0 even with 201.8 for the preceding month and up from 191.6 the same month a year ago. Millwork prices were at an index of 195.4, even with 195.5 the preceding month but up from 183.7 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in October was $13.25 an hour, down from $13.37 the previous month but up from $13.01 an hour a year ago. The average work week of non-supervisory workers was 38.9 hours, even with 38.8 hours the previous month and down slightly from 39.1 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 $6.27 billion value of retail and non-office commercial construction in August, even with a revised $6.24 billion for the previous month, but up from $5.87 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in October totaled $264.09 billion, up from a revised $261.66 billion for the previous month and up from $242.10 billion for the same month a year ago. Unadjusted retail sales were $262.75 billion, up from $251.99 billion for the previous month, and up from $231.71 billion a year ago. Seasonally adjusted department store sales totaled $17.86 billion, almost even with $17.77 billion the previous month but down slightly from $17.97 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.16 billion, up from $15.69 the previous month and up from $15.14 billion for the same month a year ago