Release Date: June 29, 2009
Phone: 954-893-7300
Fax: 954-893-7500
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June 2009

Unemployment — expected to hit 10% — continues to be a severe drag on the economy. Some other indexes, however, continue to show some gains. The Commerce Department reported that new durable goods orders rose 1.8% in May, the third increase in four months. The Conference Board index of leading economic indicators also was up 1.2% in May, and the index of consumer confidence jumped up to 54.9 from 40.8 in May. A down side was the Federal Reserve report of industrial production falling 1.1% in May and factor utilization slipping to 68.3%. Sales of existing homes rose 2.4% in May and the first two-month consecutive gain since September 2005. New home sales, however, fell 0.6% and were down 32.8% from the same month a year ago.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in May at an index of 143.8 (1982 equals 100), down from 145.3 the previous month, and down from 169.1 for the same month a year ago. Hardwood lumber was at an index of 168.3, up from 167.4 for the preceding month, but down from 185.7 for the same month a year ago. Millwork prices were at index of 205.7, the same as the preceding month, but up from 204.6 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 May was $14.99 an hour, up slightly from a revised $14.95 the previous month, but up from $14.48 an hour a year ago. The average work week of non-supervisor workers was 37.7 hours, up from 36.9 the previous month, but down from 38.5 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 $5.54 billion annual rate value of retail and non-office commercial construction in April, up from a revised $5.45 billion the previous month, but down from $7.33 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in May totaled $284.71 billion, up from a revised $283.40 billion for the previous month, and down from $307.17 billion for the same month a year ago. Unadjusted retail sales were $295.62, up from $277.79 billion for the previous month, but down from $323.25 billion a year ago. Seasonally adjusted department store sales totaled $15.77 billion, down slightly from $15.88 the previous month, and down from $16.98 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.31 billion, up slightly from $17.23 the previous month, but down from $18.60 billion for the same month a year ago.