Consumer spending climbs 4.3%
By Furniture Today Staff -- Furniture Today, February 9, 2003
Washington — Helped by relatively brisk sales in November and December, U.S. consumer spending on furniture and bedding rose 4.3% last year, according to the first estimate from the Department of Commerce.
Spending came to $66.9 billion in 2002, up from $64 billion in 2001, the department said. It was a recovery year after a decline of 0.6% from 2000 to 2001.
The 2002 number, which will be revised in coming months as more information is gathered, was close to the $66.7 billion estimate by Furniture/Today's consensus forecast in January and the $66.76 billion estimated by the American Furniture Manufacturers Assn. in December.
The government estimated spending at seasonally adjusted annual rates of $67.4 billion in November and $67.6 billion in December, two of the strongest months of the year.
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