Release Date: April 30, 2007
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APRIL 2007

The U.S. economy in the first quarter grew only at an annual rate of 1.3%, the weakest showing in four years. That was down from a 2.5% increase in the fourth quarter of 2006. Economists blamed the housing slump for the slowdown, although consumer spending continued to be strong and business investment picked up. The Federal Reserve reported industrial production in March dipped 0.3% from the previous month, after a 0.8% gain in February. Durable goods orders showed surprising growth in March, up 3.4%, a bigger increase than expected. New homes sales in March reversed a two-down downturn by rising 2.6%, although 23% below the level a year ago. Sales of previously-owned homes in March were down 8.4%, the largest monthly drop since 1989.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in March at 177.2 (1982 equals 100), almost the same as 177.3 the previous month, but down from 200.2 for the same month a year ago. Hardwood lumber was at an index of 192.3, down from a 193.0 for the preceding month and down from 195.4 for the same month a year ago. Millwork prices were at an index of 201.5, down slightly from 201.7 the preceding month, and down slightly from 201.8 for the same period 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 $14.39 an hour, up from a revised $14.03 the previous month, and up from $13.52 an hour a year ago. The average work week of non-supervisor workers was 38.6 6hours, up slightly from 38.5 hours the previous month and almost even with 38.4 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 $6.87 billion annual rate value of retail and non-office commercial construction in February, up from a revised $6.31 billion for the previous month, and up from $6.19 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in March totaled $294.14 billion, up from a revised $291.95 billion for the previous month, and up from $283.01 billion for the same month a year ago. Unadjusted retail sales were $293.19 billion, up from $257.36 billion for the previous month, and up from $281.49 billion a year ago. Seasonally adjusted department store sales totaled $17.46 billion, even with a revised $17.50 the previous month, but down from $17.79 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $18.67 billion, up slightly from $18.45 the previous month and up from $17.49 billion for the same month a year ago.