Release Date: August 27, 2009
Phone: 954-893-7300
Fax: 954-893-7500
E-mail: are@retailenvironments.org

link to previous articles

August 2009

The Commerce Department affirmed that the Gross Domestic Product in the second quarter dipped only 1%, less than expected. The stabilizing trend is likely to continue in the current quarter, as new durable goods orders in July jumped 4.9%, the largest monthly increase since July, 2007, and industrial production rose 0.5% in the same month. New home sales in July shot up 9.6% and sales on existing homes rose 7.2%, the fastest pace in two years. Consumer confidence also rose in August to an index of 54.1, up from 47.4% a month earlier. The index of leading economic indicators also climbed 0.6% in July. The job market continues to be the biggest drag on the economy, and is expected to take some time before turning around.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in July at an index of 151.2. (1982 equals 100), up from 144.9 the previous month, but down from 166.9 for the same month a year ago. Hardwood lumber was at an index of 168.6, up from 167.3 for the preceding month, but down from 184.1 for the same month a year ago. Millwork prices were at index of 205.4, down slightly from 205.9 the preceding month, and almost even with 205.3 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 July was $15.29 an hour, up from a revised $15.13 the previous month, and up from $14.52 an hour a year ago. The average work week of non-supervisor workers was 38.0 hours, down slightly from 38.2 the previous month, and down from 38.4 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 $5.50 billion annual rate value of retail and non-office commercial construction in June, up from a revised $5.29 billion the previous month, but down from $7.75 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in July totaled $283.61 billion, down from a revised $285.21 billion for the previous month, and down from $310.01 billion for the same month a year ago. Unadjusted retail sales were $289.95, up slightly from $289.26 billion for the previous month, but down from $315.52 billion a year ago. Seasonally adjusted department store sales totaled $15.13 billion, down slightly from $15.37 the previous month, and down from $17.10 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.13 billion, almost the same as $17.03 the previous month, but down from $18.54 billion for the same month a year ago.