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

Economic signs were mixed as the economy struggles to get back on its feet. The Federal Reserve said industrial production was up 0.8% in August, but the Commerce Department reported that new orders for durable goods fell 2.4% for the second decrease in three months. New home construction was up 1.5% in August, but sales of existing homes fell 2.7%. Worker productivity in the second quarter was up 6.6%, the biggest gain in six years. However, much of this increase was due to companies trimming labor forces and remaining staffs having to work harder. The index of consumer confidence fell to 53.1 from 54.5 in August. The index of leading economic indicators rose 0.6% in August, following a 0.9% rise the previous month.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in August at an index of 153.8. (1982 equals 100), up from 151.2 the previous month, but down from 167.3 for the same month a year ago. Hardwood lumber was at an index of 170.3, up from 168.6 for the preceding month, but down from 183.2 for the same month a year ago. Millwork prices were at index of 205.7, up slightly from 205.4 the preceding month, and up slightly from 205.4 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 August was $15.18 an hour, down slightly from a revised $15.21 the previous month, but up from $14.59 an hour a year ago. The average work week of non-supervisor workers was 38.2 hours, almost the same as 38.3 the previous month, but down from 38.8 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 $5.12 billion annual rate value of retail and non-office commercial construction in July, down slightly from a revised $5.19 billion the previous month, and down from $7.66 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in August totaled $287.20 billion, up from a revised $284.19 billion for the previous month, but down from $306.26 billion for the same month a year ago. Unadjusted retail sales were $292.18, up slightly from $289.72 billion for the previous month, but down from $314.51 billion a year ago. Seasonally adjusted department store sales totaled $15.77 billion, up slightly from $15.41 the previous month, but down from $16.55 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.50 billion, almost the same as $17.10 the previous month, but down from $18.44 billion for the same month a year ago.