Release Date: May 29, 2007
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MAY 2007

Industrial production rose 0.7% in April, and was up 1.9% from April, 2006, according to the Federal Reserve. Factory utilization was running at a 81.6% pace, up 0.4 percentage point from March. The Commerce Department reported that durable goods sales in April rose 0.6%m the fifth time in the last six months for an increase. Consumer confidence improved, as the University of Michigan said May consumer confidence rose to an index of 88.7, up from 87.1 the previous month. The Conference Board survey of leading economic indicators, however,fell 0.5% in April. New home sales in April surged a surprising 16.2%, as buyers took advantage of deep discounts from builders trying to move a high inventory of houses. Sales of existing homes fell 2.6% in April, the ninth straight month of declines.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in April at an index of 176.7 (1982 equals 100), down slightly from 177.2 the previous month, and down from 109.8 for the same month a year ago. Hardwood lumber was at an index of 191.9, up from a revised 192.3 for the preceding month but down from 196.2 for the same month a year ago. Millwork prices were at an index of 202.0, up slightly from 201.5 the preceding month, and nearly the same as 202.2 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 April was $14.43 an hour, up from a revised $14.35 the previous month, and up from $13.72 an hour a year ago. The average work week of non-supervisor workers was 38.8 hours, the same az the previous month and up slightly 38.0 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 $6.97 billion annual rate value of retail and non-office commercial construction in March, up from a revised $6.12 billion for the previous month, and up from $6.20 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in April totaled $295.42 billion, almost even with a revised $295.46 billion for the previous month, and up from $284.97 billion for the same month a year ago. Unadjusted retail sales were $287.60 billion, down from $295.58 billion for the previous month, but up from $278.31 billion a year ago. Seasonally adjusted department store sales totaled $17.32 billion, down slightly from a revised $17.68 the previous month, and down from $17.77 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $18.50 billion, down from $18.88 the previous month but up from $17.67 billion for the same month a year ago.