Release Date: May 28, 2009
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May 2009

Some small glimmers of hope appeared in April business indexes. New durable goods sales rose 1.9% from the previous month, the second increase in three months. New home sales climbed 3.3% after five consecutive monthly declines. Sales of existing homes rose 2.9%. The Conference Board reported that its index of consumer confidence jumped to 54.9%, the highest level in eight months. The index of leading economic indicators was also up 1% in March, the first increase in seven months. A negative note was sounded by the Federal Reserve in reporting the nation’s industrial production dipped 0.5%. Plant utilization dropped to 69.1%, the lowest point since the Fed started record keeping in 1967.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in April at an index of 145.3 (1982 equals 100), up from 144.3 the previous month, but down from 162.8 for the same month a year ago. Hardwood lumber was at an index of 167.4, down from 168.5 for the preceding month and down from 187.3 for the same month a year ago. Millwork prices were at index of 205.7, down from 206.5 the preceding month, but up from 204.2 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 April was $14.98 an hour, down from a revised $15.02 the previous month, but up from $14.45 an hour a year ago. The average work week of non-supervisor workers was 36.7 hours, down from 37.6 the previous month, and down from 38.3 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 $5.52 billion annual rate value of retail and non-office commercial construction in March, up from a revised $5.10 billion the previous month, but down from $6.98 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in April totaled $282.28 billion, down from a revised $283.54 billion for the previous month, and down from $305.72 billion for the same month a year ago. Unadjusted retail sales were $278.36, up from $274.81 billion for the previous month, but down from $296.03 billion a year ago. Seasonally adjusted department store sales totaled $15.90 billion, down slightly from $15.94 the previous month, and down from $16.94 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.34 billion, down from $17.43 the previous month, and down from $18.55 billion for the same month a year ago.