Release Date: February 26, 2009
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Fax: 954-893-7500
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February 2009

Not surprisingly, almost all economic indexes continued their monthly declines. The Federal Reserve said that industrial production in January dropped 1.8% and was down 10% from a year ago. Durable goods orders in January fell 5.2% for the sixth consecutive monthly declined. Excluding defense goods, durable goods were off 2.3% for the month. The Conference Board reported that the consumer confidence index plunged to an index of 25 in February, down from 37.4 the previous month, and was at an all-time low. New housing starts plummeted 16.8% in January, and fell 56.2% from a year ago. Sales of existing houses dropped 5.3% in January and were off 8.6% from a year ago. One of the few indexes to show an increase was the Survey of Leading Economic Indicators, which was up 0;4% in January.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in January at an index of 150.4 (1982 equals 100), down from 163.4 the previous month, and down from 163.7 for the same month a year ago. Hardwood lumber was at an index of 175.2, down from 182.7 for the preceding month and down from 189.6 for the same month a year ago. Millwork prices were at an index of 205.6, up from 204.8 the preceding month, and up from 203.3 for the same period a year ago.

FIXTURE LABOR FORCE. The Bureau of Labor Statistics reported that the average hourly wage in the fixture and furniture industry in January was $14.99 an hour, up from a revised $14.54 the previous month, and up from $14.06 an hour a year ago. The average work week of non-supervisor workers was 37.3 hours, down from 38.1 the previous month, and down from 37.9 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 $6.05 billion annual rate value of retail and non-office commercial construction in December, down from a revised $6.66 billion the previous month, and down from $6.91 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in January totaled $286.00 billion, up from a revised $283.35 billion for the previous month, but down from $306.26 billion for the same month a year ago. Unadjusted retail sales were $263.88, down from $338.72 billion for the previous month, and down from $280.11 billion a year ago. Seasonally adjusted department store sales totaled $16.08 billion, down slightly from $16.13 the previous month, and down from $17.12 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.18 billion, up from $16.91 the previous month, but down from $19.14 billion for the same month a year ago.