Release Date: December 28, 2005
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DECEMBER 2005

The economic picture in November was mostly a rosy one. The Federal Reserve Board reported that industrial production that month rose 0.7% on top of a 1.3% growth in October. New orders for durable goods in November jumped 4.4% to $223 billion, the highest total on record. Shipments of durable goods, however, declined 0.2% for the month. The Conference Board index of leading economic indicators increased 0.5% in November after a 1% gain in October. Personal incomes rose 0.3% in November. The index of productivity increased at an annual rate of 4.7% in the third quarter, the largest gain since mid-2003.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at 191.4 (1982 equals 100), down from 195.3 the previous month, and down from 193.6 for the same month a year ago. Hardwood lumber was at an index of 197.0, up from 196.3 for the preceding month but down from 200.8 for the same month a year ago. Millwork prices were at an index of 198.6, even with the preceding month and up from 195.9 a year earlier.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in November was $13.47 an hour, even wirh $13.46 the previous month and up from $13.29 an hour a year ago. The average work week of non-supervisory workers was 38.8 hours, the same as the previous month but down from 39.4 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 $6.57 billion value of retail and non-office commercial construction in October, down slightly from a revised $6.64 billion for the previous month, but up from $6.16 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled $280.50 billion, down from a revised $281.43 billion for the previous month but up from $258.16 billion for the same month a year ago. Unadjusted retail sales were $286.37 billion, up from $279.71 billion for the previous month, and up from $263.37 billion a year ago. Seasonally adjusted department store sales totaled $18.06 billion, up slightly from $17.98 billion the previous month and almost even with $18.01 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.21 billion, almost even with $17.18 the previous month and up from $16.74 billion for the same month a year ago.