Furniture factory orders up 10% in May
Shipments, backlogs also rise, survey shows
Furniture Today Staff -- Furniture Today, July 29, 2010
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HIGH POINT — U.S. furniture factory orders in May were up 10% from the same month a year earlier, the seventh month in a row of positive comparisons, according to Smith Leonard.
"Admittedly, the results were compared with very weak numbers in 2009, but these results seem to indicate that 2009 appeared to be the bottom of the recession for our participants," said Ken Smith, managing partner of the accounting and consulting firm, which surveys residential furniture factories each month.
Orders for the first five months of this year were running 10% ahead of last year, Smith Leonard said. But the first five months of 2009 were down 21% from 2008, indicating the industry hasn't fully rebounded.
Shipments in May were up 9% from the same month last year and were up 6% for the year to date. Order backlogs have grown sharply, and were up 40% in May from a year earlier.
The firm said 71% of the participants in its factory survey are reporting increased orders year-to-date.
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