Release Date: December 27, 2007
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DECEMBER 2007

The nation’s economy took a slight breather from the generally lower drift in the last few months, as many indexes showed tiny gains in November. The Federal Reserve reported that industrial production inched up 0.3% in November, after four consecutive months of declines. Factory utilization also squeaked up to 81.5% after three monthly drops. New sales of durable goods inched up 0.1%. Even consumer confidence, as measured by the Conference Board, rose to an index of 88.6 in December, up from 87.8% the previous month. However, housing continued its plunge downward. Sales of existing homes in November fell 8% to the slowest pace in 10 years. New home construction fell 3.7% in November.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at an index of 167.3 (1982 equals 100), down from 171.1 the previous month, and down from 171.6 for the same month a year ago. Hardwood lumber was at an index of 190.8, down slightly from 191.1 for the preceding month and down from 194.9 for the same month a year ago. Millwork prices were at an index of 201.6, up slightly from 201.4 the preceding month, and up from 200.9 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 November was $14.32 an hour, down slightly from a revised $14.37 the previous month, but up from $14.12 an hour a year ago. The average work week of non-supervisor workers was 39.4 hours, up from 39.1 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 $7.50 billion annual rate value of retail and non-office commercial construction in October, down slightly from $7.61 billion the previous month, but up from $6.82 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled $308.09 billion, up from a revised $302.60 billion for the previous month, and up from $287.29 billion for the same month a year ago. Unadjusted retail sales were $316.46 billion, up from $299.29 billion for the previous month, and up from $292.92 billion a year ago. Seasonally adjusted department store sales totaled $17.49 billion, up slightly from a revised $17.32 the previous month, but down from $17.57 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $19.31 billion, up from $18.83 the previous month, and up from $18.11 billion for the same month a year ago.