Release Date: March 30, 2005
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: nasfm@nasfm.org

link to previous articles

MARCH 2005

Most economic indices were up in February, but that didn’t help consumer confidence which was dampened by soaring gasoline prices. The Conference Board said its February index of consumer confidence fell to 102.4 in March, even though the survey showed consumers also were encouraged by rising job totals. Durable goods grew 0.3% in February after a 1.1% drop in January. New home sales jumped to an annual growth rate of 9.4% in February. U.S. labor productivity in the fourth quarter of 2004 rose an an annual rate of 2.1%, much higher than an original estimate of 0.8u% growth. The index of leading indicators also rose to 115.6 in February. The Federal Reserve Board also reported that economic growth so far this year has increased in all of the bank’s 12 districts.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in February at 204.6 (1982 equals 100), up from 197.3 the previous month and up from 190.7 for the same month a year ago. Hardwood lumber was at an index of 196.7, down from 199.7 the preceding month but even with the same month a year ago. Millwork prices were at an index of 195.3, even with a month earlier but up from 185.4 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in February was $13.38 an hour, down slightly from a revised $13.41 the previous month but up from $12.93 an hour a year ago. The average work week of non-supervisory workers was 39.2 hours, even with the previous month and nearly even with 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 $4.93 billion value of retail and non-office commercial construction in January, down from a revised $5.28 billion for the previous month, but up from $4.44 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in February totaled $271.14 billion, up from a revised $269.93 billion for the previous month and up from $250.18 billion for the same month a year ago. Unadjusted retail sales were $239.15 billion, down from $342.75 billion for the previous month, but up from $225.88 billion a year ago. Seasonally adjusted department store sales totaled $18.18 billion, up slightly from $18.08 billion the previous month and up from $18.02 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.46 billion, up from $16,28 the previous month and up from $15.68 billion for the same month a year ago.