Consumer spending figures revised
By Furniture Today Staff -- Furniture Today, August 29, 2005
Washington — The U.S. Department of Commerce has revised its estimates of consumer spending for 2002, 2003 and 2004, plus the first six months of 2005.
The revisions are a result of the department's routine updating, and show a minor drop in spending on durable goods, but with furniture and bedding spending increasing.
Commerce's earlier estimate of consumer spending on furniture and bedding was $75 billion for 2004. The revised 2004 number is now $75.5 billion, an increase of 0.8%.
The agency also revised 2004 numbers for durable goods spending, which includes furniture and bedding, autos and sporting goods, and spending on furniture and household equipment, including china and glassware, furniture, major appliances and consumer electronics.
The newly revised number for 2004 durable goods spending is $987.8 billion, off 0.6% from earlier estimates. The latest number for furniture and household equipment spending is $354.1 billion, an increase of 0.8%.
For 2002, Commerce revised durable goods spending up 0.8%, furniture and household equipment spending up 1% and spending on furniture and bedding up 0.9%.
2003 revisions showed durable goods spending the same as earlier estimates, furniture and household equipment up 0.7% and spending on furniture and bedding also increasing 0.7%.
