U.S. furniture factory orders drop 17% in July
By Furniture Today Staff -- Furniture Today, October 5, 2008
HIGH POINT — U.S. furniture factory orders continued their double-digit dive in July, falling 17% from the same month a year earlier, Smith Leonard reported.
It was the worst month-to-month comparison for orders in at least a year, according to the accounting and consulting firm. Shipments from the residential furniture factories were down as well, by 10% from a year ago.
For the year to date, orders were running 10% behind the 2007 pace and shipments were down 8%, the firm said.
Ken Smith, managing director of Smith Leonard, said in his monthly Furniture Insights newsletter that several participants in the firm's factory survey said they were “down significant double digits” in July orders and shipments.
For the year to date, 83% of participants said their orders were down.
“The results for July were not good and we do not expect August results to be much better based on most of the conversations we have had in the industry,” said Smith. “We did hear that some businesses noted a bit of improvement after Labor Day, but all the recent turmoil (in financial institutions and markets) seems to have slowed some of the progress.”
| Factory orders, shipments in July | |||
|---|---|---|---|
| In billions of dollars | Change from June '08 | Change from July '07 | |
| Source: Smith Leonard |
|||
| New orders | $1.661 | -13% | -17% |
| Shipments | 1.726 | -19% | -10% |
| Order backlog | 1.396 | -1% | 15% |
| Jan.-July | Change from 2007 | ||
| New orders | $13.366 | -10% | |
| Shipments | 13.628 | -8% | |
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