Release Date: December 30, 2004
Phone: 954-893-7300
Fax: 954-893-7500
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DECEMBER 2004

Economic signs were mainly higher in November, although new housing starts took an unexpected 13% drop, the largest monthly decline since 1994. On a positive not, the Federal Reserve reported that industrial production rose 0.3% in November, slightly higher than expected. Orders for durable goods climbed 1.6% after a decline in October. The Commerce Department also revised its third quarter gross domestic production up by a notch to 4%, compared to an earlier estimate of 3.9% growth. Personal income in November was up 0.3% and consumer spending was ahead by 0.2%. On the down side, industrial productivity in the third quarter grew at an annual rate of 1.8%, the slowest pace in two years.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at 193.7 (1982 equals 100), down from 205.1 the previous month but up from 180.2 for the same month a year ago. Hardwood lumber was at an index of 200.7, down slightly from 201.0 for the preceding month but up from 192.8 the same month a year ago. Millwork prices were at an index of 195.6, even with 195.4 the preceding month but up from 183.3 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in November was $13.32 an hour, up from $13.26 the previous month and up from $13.08 an hour a year ago. The average work week of non-supervisory workers was 39.4 hours, up from 38.9 hours the previous month but down from 40.0 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 $5.90 billion value of retail and non-office commercial construction in October, down from a revised $6.25 billion for the previous month, but up from $5.71 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled $266.05 billion, up from a revised $264.70 billion for the previous month and up from $244.98 billion for the same month a year ago. Unadjusted retail sales were $271.09 billion, up from $263.14 billion for the previous month, and up from $247.82 billion a year ago. Seasonally adjusted department store sales totaled $17.87 billion, even with $17.89 billion the previous month and up from $17.71 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.07 billion, even with $16.09 the previous month and up from $15.31 billion for the same month a year ago.