Release Date:April 30, 2008
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April 2008

The Gross Domestic Product (GDP) rose a scant 0.3% in the first quarter, the same gain as in the last quarter of 2007, the Commerce Department reported. Industrial production inched up 0.3% in March, after a 0.7% decline in February. The Index of Leading Economic Indicators also tipped up 0.l% in March, after five consecutive monthly declines. Durable goods orders, however, dropped 0.3% in March, the third monthly decrease. Consumer confidence fell to an index of 62.3, down from 65.9 the previous month. New home sales plummeted 8.5% in March, the slowest pace in 16 years. Sales of existing houses fell 2% in March from the month earlier and were down 7.7% from a year ago.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in March at an index of 162.3 (1982 equals 100), almost the same 162.4 the previous month, and down from 177.5d6 for the same month a year ago. Hardwood lumber was at an index of 188.6, up slightly from 188.3 for the preceding month but down from 193.0 for the same month a year ago. Millwork prices were at an index of 203.2, up from 202.6 the preceding month, and up from 201.3 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 $14.47 an hour, up from a revised $14.39 the previous month, and up from $14.30 an hour a year ago. The average work week of non-supervisor workers was 38.4 hours, up from 37.7 the previous month, but down from 38.8 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 $6.30 billion annual rate value of retail and non-office commercial construction in February, up from $6.07 billion the previous month, and up slightly from $6.18 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in March totaled $306.15 billion, up from a revised $305.72 billion for the previous month, and up from $296.27 billion for the same month a year ago. Unadjusted retail sales were $301.12, up from $280.49 billion for the previous month, and up from $294.88 billion a year ago. Seasonally adjusted department store sales totaled $16.99 billion, the same as the previous month, but down from $17.72 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $18.61 billion, down slightly from $18.70 the previous month, and down from $18.90 billion for the same month a year ago.