Aug. furniture indicators mixed
By Janice Chamberlain -- Furniture Today, October 16, 2005
High Point — It was the typical mixed bag for August furniture economic indicators: three up slightly, two virtually flat, one down slightly and one off nearly 10%, compared with July results.
Measured against August 2004 numbers, five were up and two were down.
Compared with month-earlier figures, existing single-family home resales were up 2%, the largest increase of the seven indicators. Also showing small gains were consumer spending for furniture and bedding, up 0.8%, and the furniture producer price index, up 0.2%.
Both furniture factory capacity utilization and furniture factory employment were nearly flat, inching up just 0.1%.
Privately owned housing starts slipped 0.3% from July to August, and sales of new single-family homes dropped 9.9%.
In August, consumers spent at an annual rate of $78.9 billion on furniture and bedding. If the balance of 2005 continues at that pace, consumer spending will reach $77.8 billion this year, up 3% over 2004's $75.5 billion. The U.S. Department of Commerce tracks consumer spending.
Resales of existing homes reached an annual rate of 7.29 million units in August, jumping 7.8% over August 2004. The National Assn. of Realtors compiles those numbers.
Sales of new single-family homes are compiled by Commerce and the U.S. Department of Housing and Urban Development. They reached 1.237 million in the latest month, at an annual rate, up 6.2% over year-earlier sales.
The furniture producer price index, from the U.S. Bureau of Labor Statistics, reached 166.5 in the latest month, up 3.5% from year-earlier results. Furniture factory employment, also tracked by BLS, was 561,500 in August, off 2.1% from August 2004 employment.
The Commerce Department, through the U.S. Bureau of the Census, releases statistics on housing starts. August 2005 housing starts were 2.009 million, at an annual rate, slipping 0.8% from August 2004. If housing starts continue at that rate, 2005 annual starts will increase 5% over 2004.
August furniture factory capacity, measured by the U.S. Federal Reserve Board, grew 1.4% from August 2004.
All August 2005 numbers are preliminary figures and are subject to revision.
| August furniture indicators | ||
|---|---|---|
| % change from July 2005 | % change from Aug. 2004 | |
| Sources: 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 homes resales | 2.0% | 7.8% |
| Consumer spending for furniture & bedding | 0.8 | 3.3 |
| Furniture producer price index | 0.2 | 3.5 |
| Furniture factory capacity utilization | 0.1 | 1.4 |
| Furniture factory employment | 0.1 | -2.1 |
| Privately owned housing starts | -0.3 | -0.8 |
| Sales of new single-family homes | -9.9 | 6.2 |
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Aug. furniture indicators mixed
Oct 18, 2005 -
February furniture indicators mixed
May 1, 2005 -
April another mixed month for furniture measurements
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