Release Date: June 28, 2005
Phone: 954-893-7300
Fax: 954-893-7500
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JUNE 2005

Economic signs continued to be mixed.  On the plus side, the National Association of Realtors predicted that home sales in 2005 will hit a record, up 1.8% from last year.  Illustrating this was the report of new home construction in May rising 0.2%, the fifth increase in six months.  The University of Michigan survey of consumer sentiment in May rose to a five-month high of an index of 94.8, u[p sharply from 86.9 just a month earlier.  On a negative note, orders for durable goods in May slipped 0.2% if orders for new commercial aircraft were excluded.  The index of leading economic indicators also fell 0.5% in May to 114.1, a bigger decline than expected. 

LUMBER PRICES.  The Bureau of Labor Statistics producer price index showed overall lumber price index in May at 196.9 (1982 equals 100), down from 204.9 the previous month and down from 214.2for the same month a year ago.  Hardwood lumber was at an index of 195.6, compared with 195.0 the preceding month and down from 199 the same month a year ago.  Millwork prices were at an index of 196.6, up slightly from 196.3 a month earlier and up from 191.9 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in May was $13.45 an hour, almost the same as $13.46 the previous month and up from $13.05 an hour a year ago.  The average work week of non-supervisory workers was 38.7 hours, down slightly from 39.1 the previous month and 39.7 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 $5.76 billion value of retail and non-office commercial construction in April, up from a revised $$5.24 billion for the previous month, and up from $5.18 billion for the same month a year ago.

RETAIL SALES.  Seasonally adjusted retail sales (excluding automotive) in May totaled $267.33 billion, down slightly from a revised $267.82 billion for the previous month but up from $249.01 billion for the same month a year ago. Unadjusted retail sales were $271.88 billion, up from $263.15 billion for the previous month, and up from $253.70 billion a year ago.  Seasonally adjusted department store sales totaled $17.83 billion, down slightly from $17.99 billion the previous month and $17.95 billion a year ago.  Seasonally adjusted apparel and clothing store sales totaled $16.60 billion, down slightly from $16.74 the previous month but up from $15.69 billion for the same month a year ago.