The High Point, North
Carolina-based Smith Leonard reported that American furniture factory orders in
October were 6% higher than in October 2012 as the industry continued to show
gradual improvement. The manufacturing and distribution consultants reported in
their monthly industry survey of the furniture industry that October shipments
at U.S. residential furniture factories were 9% higher than in the same month a
year earlier, while order backlogs were up 11%.
Smith Leonard
Managing Partner Ken Smith wrote in his Furniture Insights newsletter that most
of the economic news in the industry continues to be positive.
"If we can keep
this momentum going," said Smith.
"Then whenever consumer confidence shakes loose, we should see even
more positive results."
For the first 10
months of 2013, Smith Leonard reports that new orders were 6% ahead of the same
period in 2012, while 10-month shipment figures were 5% ahead.
They added that October increases in new orders and shipments
marked the seventh consecutive month that those figures were higher than the
comparable month in 2012.
Smith says that the
largest single monthly increase was in July, when orders were up 13% from a
year earlier adding that existing home sales slowed a bit in November, but the
revised GDP showed a 4.1% increase in the third quarter.
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