Release Date: July 31, 2008
Phone: 954-893-7300
Fax: 954-893-7500
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July 2008

Some major economic indexes showed weak gains in June, while the housing market continued to plunge. The Federal Reserve reported that industrial production showed a 0.5% increase in June, after a 0.2% slide the previous month. Durable goods sales rose 0.8% in June, the second consecutive month for gains. Even consumer confidence, which had been diving in the economic downturn, turned up to an index of 51.9 from 51 the prior month. Leading economic indicator index, however, dropped 0.1% in June, the second consecutive month of decline after the earlier May figure was revised downward. Sales of existing homes dropped 2.6% in June and were down 15.5% from the same month a year ago. Construction of new single family homes also fell 5.3% in June to the slowest pace in 17 years.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in June at an index of 170.9 (1982 equals 100), up from 169.3 the previous month, but down from 177.2 for the same month a year ago. Hardwood lumber was at an index of 185.7, down from 186.2 for the preceding month and down from 192.9 for the same month a year ago. Millwork prices were at an index of 204.8, almost even with 204.7 the preceding month, but down from 201.5 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 $14.50 an hour, up slightly from a revised $14.46 the previous month, and up from $14.40 an hour a year ago. The average work week of non−supervisor workers was 39.0 hours, up slightly from 38.5 hours the previous month, but down from 39.5 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 $7.59 billion annual rate value of retail and non−office commercial construction in May, up from a revised $7.30 billion the previous month, and up from $7.36 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in June totaled $315.25 billion, up from a revised $312.61 billion for the previous month, and up from $296.71 billion for the same month a year ago. Unadjusted retail sales were $313.71, down from $327.32 billion for the previous month, but up from $299.83 billion a year ago. Seasonally adjusted department store sales totaled $17.15 billion, up slightly from $17.11 the previous month, but down from $17.39 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $19.24 billion, up from $19.12 the previous month, and up from $18.69 billion for the same month a year ago.