Home sales show gains in April; other indicators mixed
By Janice Chamberlain -- Furniture Today, June 15, 2003
High Point — Compared with month-earlier data, April economic indicators for the furniture industry were mixed, with three up, three down and one even with March results. Four of the seven were up compared with April 2002 figures.
Existing single-family home sales posted the best performance in April, up 5.6% compared with March and 3.2% against April 2002 data. Existing home sales this April were at a 5.53 million annual rate. Home resales are tracked by the National Assn. of Realtors.
Sales of new homes also were up compared with month-prior and year-prior results. New home sales in April were 1,028,000 at an annual rate, up 1.7% from March and a 12.2% increase over April 2002. The U.S. Departments of Commerce and Housing & Urban Development release statistics on new home sales.
Consumer spending for furniture and bedding sneaked up 0.4% in April to an annual rate of $66.2 billion, compared with March. A year ago, April spending was $67 billion. Consumer spending is tracked by the Commerce Department, which estimates 2002 furniture and bedding sales were $66.7 billion.
The furniture producer price index, compiled by the Bureau of Labor Statistics, was flat compared with March and up 1% measured against April 2002 results.
April furniture factory employment, which includes contract and residential production workers and also is tracked by BLS, was off 1.3% from March and down 6% from year-ago results. BLS has revised its survey methodology for compiling employment data beginning with May results (see story below).
The U.S. Federal Reserve Board follows furniture factory capacity utilization and reported April results were off 1.5% from March and down 7% from the year-earlier period. April capacity was 67.3%.
Housing starts, down 6.8% from March and up 2.7% from a year ago, were 1.63 million in April. Commerce Department, through the U.S. Bureau of the Census, releases statistics on housing starts.
All April 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.
| April indicators | ||
|---|---|---|
| Indicator | % change from March 2003 | %change from April 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 | 5.6% | 3.2% |
| Sales of new single-family homes | 1.7 | 12.2 |
| Consumer spending for furniture & bedding | 0.4 | -1.2 |
| Furniture producer price index | 0.0 | 1.0 |
| Furniture factory employment | -1.3 | -6.0 |
| Furniture factory capacity utilization | -1.5 | -7.0 |
| Privately owned housing starts | -6.8 | 2.7 |
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