Release Date: July 30, 2007
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JULY 2007

The nation’s economy grew at an annual rate of 3.4% in the second quarter, much stronger than the anemic 0.6% increase in the first quarter.  Forecasters don’t expect the pace to keep up, but welcomed the pickup in face of a slumping housing market.  Other indexes were positive as well.  Durable goods orders were up 1.3% to $217.1 billion in June, the fourth increase in five months.  The Federal Reserve reported industrial production was up 0.5% in June and up 1.4% over the same month a year ago.  But on the down side, the Conference Board index of consumer confidence tumbled to 76.1 in July, it lowest point in a year.  Consumer spending also down 0.9%.  Not unexpectedly, sales of existi9ng homes in June were down 3.8% from the previous month.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in June at an index of 177.1.5 (1982 equals 100), up from 175.5 the previous month, but down from 192.3 for the same month a year ago.  Hardwood lumber was at an index of 193.0, up from 192.4 for the preceding month but down from 195.7 for the same month a year ago.  Millwork prices were at an index of 201.2, almost the same as 201.0 the preceding month, and down slightly from 202.6 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 June was $14.38 an hour, almost even with a revised $14.37 the previous month, but up from $13.67 an hour a year ago.  The average work week of non-supervisor workers was 39.6 hours, up from 38.6 the previous month and up from 39.1 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 $7.23 billion annual rate value of retail and non-office commercial construction in May, up from a revised $6.90 billion for the previous month, and up from $6.24 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in June totaled $298.74 billion, down from a revised $299.81 billion for the previous month, but up from $286.59 billion for the same month a year ago. Unadjusted retail sales were $300.81 billion, down from $311.63 billion for the previous month, and up from $295.43 billion a year ago.  Seasonally adjusted department store sales totaled $17.37 billion, down slightly from a revised $17.55 the previous month, and down slightly from $17.74 billion a year ago.  Seasonally adjusted apparel and clothing store sales totaled $18.71 billion, down slightly from $18.98 the previous month but up from $18.52 billion for the same month a year ago.