Release Date: March 25, 2009
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March 2009

Some economic indexes took a surprising uptick in February, although analysts were cautious whether the upward trend would continue. The Commerce Department reported that new durable goods orders rose 3.4%, the first increase since last July. New home sales also jumped 4.7%, the fastest pace in 10 months. New home construction climbed 22%, and sales of existing homes was up 5.1%, the largest monthly increase since July, 2003. On the negative side, industrial production slid 1.4% from the previous month and was down 11.2% from a year ago. The Conference Board reported that its Survey of Leading Economic Indicators was off 2.1% from January.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in February at an index of 139.0 (1982 equals 100), down from 150.4 the previous month, and down from 161.9 for the same month a year ago. Hardwood lumber was at an index of 173.1, down from 175.2 for the preceding month and down from 189.0 for the same month a year ago. Millwork prices were at index of 205.6, the same as 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 February was $14.83 an hour, down from a revised $14.92 the previous month, but up from $14.37 an hour a year ago. The average work week of non-supervisor workers was 36.8 hours, down from 37.2 the previous month, and down from 37.7 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 $5,25 billion annual rate value of retail and non-office commercial construction in January, down from a revised $5.84 billion the previous month, and down from $6.56 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in February totaled $290.02 billion, up from a revised $287.87 billion for the previous month, but down from $305.15 billion for the same month a year ago. Unadjusted retail sales were $254.42, down from $265.73 billion for the previous month, and down from $278.64 billion a year ago. Seasonally adjusted department store sales totaled $16.15 billion, up from $15.97 the previous month, but down from $17.08 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $18.23 billion, up from $17.74 the previous month, but down from $18.80 billion for the same month a year ago.