Factory orders down 14% in June
By Furniture Today Staff -- Furniture Today, September 7, 2008
HIGH POINT — Residential furniture factory orders in June were down 14% from the same month last year, the biggest monthly decline of the year, according to Smith Leonard.
However, only 65% of the participants in the accounting and consulting firm’s survey reported that orders were down.
“The difference for this month was that several participants reported significant declines while most with increases were relatively small,” said Ken Smith, the firm’s managing partner, in his monthly Furniture Insights newsletter.
The June decline left orders for the year to date at 9% below the 2007 pace.
Factory shipments in June were down 9% from the same month last year, and shipments for the year to date were down 8%.
“Our records indicate that shipments have declined compared to the same month the previous year since June of 2006, some 24 months of monthly declines. As we have previously reported, the declines seem to be at all size companies as well as various price points,” Smith said.
| Factory orders, shipments in June | |||
|---|---|---|---|
| In billions of dollars | |||
|
|
|
Change from | |
|
|
|
May '08 | June '07 |
| Source: Smith Leonard |
|||
| Orders | $1.865 | -2% | -14% |
| Shipments | 2.075 | 4% | -9% |
| Order backlog | 1.407 | -6% | 10% |
| Jan. - June | Change from 2007 | ||
| Orders | $11.705 | -9% | |
| Shipments | 11.902 | -8% | |
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