Release Date: December 29, 2009
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December 2009

Many economic indexes showed small improvements, although the Commerce Department continued to adjust downward its final tally of Gross Domestic Product in the third quarter. The latest revision dropped the GDP gain to 2.2% from 2.8% and the original estimate of a 3.5% jump. However, the Federal Reserve said the nation’s industrial production rose 0.8% in November, and the Commerce Department reported new durable goods orders that month inched up 0.2%. The Conference Board survey of leading economic indicators also rose 0.9% in November. The nation’s unemployment rate remained troublesome at 10%.

LUMBER PRICES. The Bureau of Labor Statistics producer price index showed overall lumber price index in November at an index of 153.1 (1982 equals 100), up from 150.7 the previous month, but down from 156.7 a year ago. Hardwood lumber was an index of 174.0, up from 172.3 for the preceding month, but down from 180.3 for the same month a year ago. Millwork prices were at index of 205.2, down slightly down from 205.8 the previous month and down from 205.8 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 November was $14.99 an hour, down from a revised $15.03 the previous month, but up from $14.77 an hour a year ago. The average work week of non-supervisor workers was 38.3 hours, up from 37.9 the previous month, and up from 37.0 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 $4.42 billion annual rate value of retail and non-office commercial construction in October, down from a revised $4.69 billion the previous month, and down from $7.22 billion for the same month a year ago.

RETAIL SALES. Seasonally adjusted retail sales (excluding automotive) in November totaled 292.14 billion, up from a revised $288.61 billion for the previous month, and up from $288.50 billion for the same month a year ago. Unadjusted retail sales were $293.32, up from $288.01 billion for the previous month, and up from $289.98 billion a year ago. Seasonally adjusted department store sales totaled $15.75 billion, up slightly from $15.65 the previous month, but down from $16.52 billion a year ago. Seasonally adjusted apparel and clothing store sales totaled $17.48 billion, down slightly from $17.60 the previous month, but up from $17.32 billion for the same month a year ago.