Furniture factory orders decline in September
The drop was the first in a year
Furniture Today Staff -- Home Accents Today, 12/2/2010 10:25:55 AM
U.S. residential furniture factory orders in September were down 3% from the same month in 2009, the first such decline in a year, according to Smith Leonard.
Factory shipments, which tend to lag orders by a few months, were still up 6% from a year ago in September, the accounting and consulting firm said.
Monthly orders had been up or at least flat from a year earlier since September 2009, according to Smith Leonard's factory survey. From February through June, they were up at or near double digits. But the gains slowed to 3% in July and 1% in August before the September decline.
For the year to date, orders through September were still up 6% from the 2009 pace and shipments were up 8%. At this time last year, orders were off 18% from the same period in 2008, the firm said.
Ken Smith, managing partner of Smith Leonard, wrote in his monthly Furniture Insights newsletter that the September results were "disappointing but not unexpected." He added that based on what he heard at the High Point Market, he doesn't expect a lot of improvement in October.
He did note that some publicly held companies in the industry are reporting improved results or at least profitable quarters.
"It does appear that most companies have ‘right sized' themselves for current volume levels, and some are reporting nice growth. So all is not doom and gloom as much as it seems like it," Smith said.
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