Aug. furniture indicators paint mixed picture
By Furniture Today Staff -- Furniture Today, October 12, 2003
High Point — August economic indicators for the furniture industry continued to show mixed results, compared with month-earlier and year-earlier data.
Two of the three housing indicators were up compared with both July 2003 and August 2002. Also achieving positive results was consumer spending on furniture and bedding.
Sales of existing homes in August were 6.5 million, up 5.5% compared with July and jumping 21.8% over August 2002 results. New-home sales for August of this year grew by 3.4% compared with July, and achieved a 12.2% increase against August 2002 figures.
The U.S. Departments of Commerce and Housing & Urban Development release statistics on new-home sales. The National Assn. of Realtors compiles statistics on sales of existing homes.
Consumer spending on furniture and bedding in August was pegged at an annual rate of $68.7 billion, up 0.6% from July and 3.3% over the year-earlier period. Consumer spending is tracked by the U.S. Department of Commerce.
If furniture spending continues at its present pace, it will finish the year at $66.8 billion, up slightly from 2002's $66.7 billion.
August housing starts of 1.8 million were down 3.8% from July and up 11.7% from a year ago. The U.S. Department of Commerce, through the U.S. Bureau of the Census, releases statistics on housing starts.
According to the U.S. Bureau of Labor Statistics, furniture factory employment, which includes contract and residential production workers, was off 0.6% from July figures and down 5.5% from August 2002.
August furniture factory capacity, measured by the U.S. Federal Reserve Board, was down 0.6% and 2.7%, respectively, from July 2003 and August 2002 figures.
The furniture producer price index, also compiled by the Bureau of Labor Statistics, slipped 0.1% against July numbers and moved up 0.6% from August results a year ago.
All August 2003 numbers are preliminary figures and are subject to revision. Monthly figures represent annualized rates, except for the producer price index, factory capacity and employment.
| August indicators | ||
|---|---|---|
| Indicator% change from July 2003% change from August 2002 | ||
| Source: Furniture/Today market research, U.S. Dept. of Commerce, U.S. Dept. of Labor, National Assn. of Realtors, U.S. Dept. of Housing & Urban Development, U.S. Federal Reserve Board |
||
| Existing single-family home resales | 5.5% | 21.8% |
| Sales of new single-family homes | 3.4 | 12.2 |
| Consumer spending for furniture & bedding | 0.6 | 3.3 |
| Furniture producer price index | -0.1 | 0.6 |
| Furniture factory capacity utilization | -0.6 | -2.7 |
| Furniture factory employment | -0.6 | -5.5 |
| Privately owned housing starts | -3.8 | 11.7 |
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