Release Date: November 28, 2005
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NOVEMBER 2005

October gave a better economic picture than the previous month. The Conference Board Survey of Leading Economic Indicators rose in October 0.9%,offsetting a decline of 0.9% in September. Industrial production rose 0.9% in October, regaining some of a 1.5% decline in September. Durable goods orders in September had declined 2.4%. The Commerce Department reported that personal income in September rose 1.7%, and preliminary indication in October showed wages rising at the fastest clip in two years. New home construction fell 5% in October, reflecting a cooling of the housing boom.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in October at 195.3(1982 equals 100), down from 196.6 the previous month, and down from 204.9 for the same month a year ago. Hardwood lumber was at an index of 196.3, up from 194.4 for the preceding month but down from 200.7 for the same month a year ago. Millwork prices were at an index of 198.5, up alightly from 198.0 for the preceding month and up from 195.6 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 $13.43 an hour, down from $13.56 the previous month but up from $13.27 an hour a year ago. The average work week of non-supervisory workers was 38.9 hours, dwon from 39.9 hours previous month but the same as 38.9 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 $6.58 billion value of retail and non-office commercial construction in September, the same as a revised total for the previous month, and up from $6.37 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in October totaled $281.86 billion, up from a revised $279.46 billion for the previous month and up from $256.41 billion for the same month a year ago. Unadjusted retail sales were $279.80 billion, up from $270.85 billion for the previous month, and up from $255.41 billion a year ago. Seasonally adjusted department store sales totaled $17.90 billion, up slightly from $17.64 billion the previous month but down from $18.00 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.21 billion, up from $16.69 the previous month and up from $16.15 billion for the same month a year ago.