Oct. factory orders down 28%
By Furniture Today Staff -- Furniture Today, January 11, 2009
HIGH POINT — Furniture factory orders in October were down 28% from the same month a year ago, according to Smith Leonard's monthly survey.
The accounting and consulting firm also said shipments from U.S. residential furniture factories were down 20% in October as the cascade of bad economic news dampened spending.
“We have now technically been in a recession for a year,” Ken Smith, managing partner of Smith Leonard, said in his monthly Furniture Insights newsletter. “Typically, the longer ones last about 18 months. The question is — is this a typical recession? We think not. There are lots of things that need to happen before consumers begin to show confidence again.”
Job losses have to stop and the housing market needs to hit bottom, said Smith. He added that he expects the November and December results to be similar to October's.
In Smith Leonard's monthly survey of factories, 94% said their orders were lower in October and 73% reported declines of more than 20%. For the year to date, 89% of survey participants said their orders were down.
| Factory orders, shipments in October | |||
|---|---|---|---|
| In billions of dollars | |||
| Change from | |||
| Sept. '08 | Oct. '07 | ||
| Source: Smith Leonard |
|||
| New orders | $1.637 | -14% | -28% |
| Shipments | 1.698 | -8% | -20% |
| Backlog | 1.303 | -3% | -24% |
| Jan.-Oct. | Change from 2007 | ||
| New orders | $18.650 | -12% | |
| Shipments | 18.957 | -11% | |
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October factory orders down 28% from 2007
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