2009/9/9
Orders for new residential furniture were down 16 percent in June compared to a year earlier, according to the latest survey of manufacturers by High Point accounting and consulting firm Smith Leonard.
Year to date, new orders are off 20 percent in 2009 compared to the first half of 2008, and 27 percent compared to 2007.
Shipments of completed orders were also down in June, by 19 percent compared to 2008. Year-to-date shipments are 20 percent lower in 2009 from 2008.
The number of employees in furniture factories also continues to decline. The number of factory and warehouse workers was 19 percent lower in June from a year earlier, and total payrolls were off by 22 percent.
Survey author Ken Smith said few furniture sellers are getting any traction in the current economy, but he knows many are hopeful that an improving global economy will boost the industry.
"This should help to create, over time, more jobs or at least more job stability," Smith said. "This should improve confidence and hopefully lead to continued sales of homes as well as furniture."
|