September’s furniture factory orders grow 8%
U.S. residential furniture factory orders in September were up 8% from a year earlier, the strongest monthly gain since April, Smith Leonard reported.
(Editor: Leona) U.S. residential furniture factory orders in September were up 8% from a year earlier, the strongest monthly gain since April, Smith Leonard reported.
The improvement over September 2013 kept the gain in orders for the year to date at 5% over last year’s pace, the accounting and consulting firm said. Shipments, which tend to lag orders, were up 6% in September and also up 6% for the first nine months.
September’s gain in orders was the strongest since a 13% rise in April. Smith Leonard said orders were up for 60% of the participants in its monthly factory survey. For the year to date, orders were up for almost 72% of participants.
Ken Smith, managing partner at Smith Leonard, said in his monthly Furniture Insights newsletter that was in line with what he had heard heading into last month’s High Point Market, “business had been good (not great) for most manufacturers and distributors.”
He noted that a number of economic indicators remain positive for the industry, including the latest estimate of U.S. GDP growth, at 3.9% for the third quarter. But there were conflicting reports on consumer confidence, with one national survey reporting a dip in October and another reflecting a gain.
“The October market seemed very good and it appears that the weeks that have followed have proved the market was a good one,” Smith said. “While we know that some of the growth by certain companies may have come at the expense of others, most of those we talk to feel that overall business is pretty good.”