Release Date: April 28, 2005
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APRIL 2005

Some clouds are rising on the horizon that could indicate an economic slowdown. The Commerce Department reported that durable goods sales fell 2.8% in March, the biggest monthly decline in two years. In addition the agency revised its previous month report to show a 0.2% decline after originally showing an increase. All manufacturing sales decline 0.4% while business inventories rose 0.5% in the month. The Conference Board reported its index of consumer confidence in April dropped to 97.7 from 103 in March. One bright spot was sales of new homes, up 12.2% in March. Sales of existing homes are expected to total 6.62 million for the year, the second highest level on record.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in March at 205.9 (1982 equals 100), up from 204.6 the previous month and up from 199.7 for the same month a year ago. Hardwood lumber was at an index of 196.2, down slightly from 196.7 the preceding month and down from 197.7 with the same month a year ago. Millwork prices were at an index of 195.9, up slightly from 195.3 a month earlier and up from 187.1 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in March was $13.33 an hour, almost even with a revised $13.36 the previous month but up from $12.97 an hour a year ago. The average work week of non-supervisory workers was 39.7 hours, up slightly from 39.3 the previous month and nearly even with 39.5 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 $4.76 billion value of retail and non-office commercial construction in February, down from a revised $3.83 billion for the previous month, but up from $4.46 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in March totaled $263.53 billion, almost even with up a revised $263.14 billion for the previous month and up from $247.10 billion for the same month a year ago. Unadjusted retail sales were $263.33 billion, up from $232.45 billion for the previous month, and up from $242.66 billion a year ago. Seasonally adjusted department store sales totaled $17.82 billion, down slightly from $18.18 billion the previous month and down from $18.20 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.78 billion, up slightly from $16.50 the previous month and up from $15.92 billion for the same month a year ago.