Residential factory orders up 13% in February
68% of those surveyed report order increases during the first two months of 2010
Furniture Today Staff -- Furniture Today, April 30, 2010
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HIGH POINT — U.S. residential furniture factory orders were up 13% in February from the same month a year earlier, the fourth month in a row of positive comparisons, Smith Leonard reported.
"Admittedly, all these months were comparing to poor results in the previous year. But the good news is that we seem to have stopped the downward flow," Ken Smith, managing partner of the accounting and consulting firm, wrote in his monthly Furniture Insights newsletter.
For the first two months of the year, orders were up 9%. Of the participants in Smith Leonard's factory survey, 68% reported order increases for the two-month period.
Factory shipments in February were up 4% from February 2009 and the order backlog was much higher - up 34% from a year earlier. "We believe the lag of shipment increases versus orders was the result of imported products taking longer to be delivered, as well as some impact of supplies, such as fabrics and frames, being imported as well," Smith said.
"Based on all we heard at the High Point Market, it does appear that business is getting better at retail," he added. "Maybe not where it once was, or even where we would like for it to be - but at least improving."
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