Factory orders inch up 1% in June over last year
Furniture Today Staff -- Furniture Today, September 1, 2011
HIGH POINT — U.S. residential furniture factory orders in June were up 1% from the same month last year, according to Smith Leonard.
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"The results for the month were in line with what we had been hearing - that being that business is just bumping along - not really good results but not that bad," Ken Smith, managing partner of the accounting and consulting firm, wrote in his monthly Furniture Insights newsletter.
For the first half of the year, factory orders were up 5% from the 2010 pace.
Shipments, which tend to lag orders, were up 2% in June and were up 3% for the first half.
Smith noted that the small gains in June were on top of a good month a year ago, when orders were up 9% and shipments up 13% from the comparable month in 2009. "Still, we had dug a pretty deep hole in 2007 and 2008 so the increases only got us back some of what we had lost," he said.
He said the results of participants in Smith Leonard's monthly factory survey varied widely, with some reporting double-digit increases and others reporting declines of the same magnitude. For the year to date, 62% of the survey participants reported increased orders.
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June Factory Orders Up 1% From 2010
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