Release Date: December 23, 2008
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: are@retailenvironments.org

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December 2008

Major economic indexes continued to fall in the ongoing recession. The Federal Reserve reported that the nation’s industrial production in November fell 0.6% from the prior month and was down 5.5% from a year ago. The Conference Board indicated that the Survey of Leading Economic Indicators was down 0.4% in November. Construction of new homes in November plunged 18.9%, the biggest monthly drop in 25 years. Sales of existing homes were off 8.6% in November with the median sales price falling 13.2%, the largest monthly drop on record, to $181,300.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at an index of 156.1 (1982 equals 100), down from 159.0 the previous month, but down from 167.2 for the same month a year ago. Hardwood lumber was at an index of 180.9, down from 182.3 for the preceding month and down from 190.3 for the same month a year ago. Millwork prices were at index of 205.6, down from 206.4 the preceding month, but up 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 November was $14.58 an hour, up from a revised $14.53 the previous month, and up from $14.35 an hour a year ago. The average work week of non-supervisor workers was 37.3 hours, the same as the previous month, and down from 39.0 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 $7.24 billion annual rate value of retail and non-office commercial construction in October, down from a revised $7.34 billion the previous month, and down from $8.31 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled $297.42 billion, down from a revised $302.14 billion for the previous month, and down from $306.25 billion for the same month a year ago. Unadjusted retail sales were $298.01, down from $300.96 billion for the previous month, and down from $313.16 billion a year ago. Seasonally adjusted department store sales totaled $16.57 billion, up from $16.23 the previous month, but down from $17.37 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $18.02 billion, up from $17.88 the previous month, but down from $19.12 billion for the same month a year ago.