November orders drop 8%
By Furniture Today Staff -- Furniture Today, February 3, 2008
High Point — November turned gloomy for U.S. residential furniture manufacturers, with orders down 8% from the same month a year earlier, reversing the slight uptick in October, according to Smith Leonard.
About 61% of the factories surveyed by the accounting and consulting firm reported year-to-year order declines, with many reporting double-digit decreases. Factory shipments also were down in November, by 5% from the same month of 2006.
For the year to date, orders were down 4% and shipments down 5% from the 2006 pace.
Ken Smith, managing partner of Smith Leonard, had said earlier that the October increase may have been the result of the later timing of the fall High Point Market in 2007.
In the firm's monthly Furniture Insights newsletter, Smith said he does not expect December factory business to show improvement. He added that some manufacturers have told him they had relatively good weeks for orders in January, but most have not reported any pickup.
| Factory orders, shipments in November | |||
|---|---|---|---|
| In billions of dollars | |||
| Change from | |||
| Oct. '07 | Nov. '06 | ||
|
Source: Smith Leonard
|
|||
| Orders | $2.006 | -11% | 8% |
| Shipments | 2.017 | -4% | -5% |
| Order backlog | 1.643 | -1% | -5% |
| January-November Change from 2006 | |||
| Orders | $23.056 | -4% | |
| Shipments | 22.960 | -5% | |
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