Release Date: March 28, 2006
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MARCH 2006

Economic signs have turned into mixed signals. The Federal Reserve Board said industrial production in February jumped 0.7% from the previous month, and was up 3.3% from a year ago. However, durable goods orders in February fell 1.3% if commercial aircraft and defense orders are excluded. The Conference Board composite index of leading economic indicators dipped 0.2% to an index of 139, a weaker figure than experts had expected. The housing market was Janus-faced. Sales of new homes in February dropped 10.5%, following a 5.3% decline in the previous month. Sales of existing houses, however, took an unexpected upturn with a 5.2% climb in February, after five previous months of decline. The Labor Department reported that productivity in 2005 rose 2.7% from the previous year, the slowest pace since the rece3ssion year of 2001.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in February at 201.5 (1982 equals 100), up from 199.7 the previous month, but down from 205.5 for the same month a year ago. Hardwood lumber was at an index of 196.8, almost the same as 196.7 for the preceding month but down slightly from 197.6 for the same month a year ago. Millwork prices were at an index of 201.0, up from 200.2 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 February was $13.48 an hour, down from a revised $13.55 the previous month but up from $13.33 an hour a year ago. The average work week of non-supervisory workers was 38.4 hours, up from 37.9 hours the previous month but down from 39.2 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 $5.47 billion value of retail and non-office commercial construction in January, down slightly from a revised $5.83 billion for the previous month, but up from $4.93 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in Februsry totaled $286.89 billion, down from a revised $288.13 billion for the previous month but up from $263.45 billion for the same month a year ago. Unadjusted retail sales were $252.93 billion, down from $259.78 billion for the previous month, but up from $232.53 billion a year ago. Seasonally adjusted department store sales totaled $17.80 billion, down from $18.05 billion the previous month and down from $18.31 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $16.96 billion, down slightly from $17.54 the previous month but up slightly from $16.69 billion for the same month a year ago.