by Furniture Insights survey also shows residential furniture shipments declined 4% from June 2024
HIGH POINT — Residential furniture orders rose 3% in June compared with June 2024, while shipments were down 4% during the same period, according to the latest Furniture Insights report from Smith Leonard.
New orders totaled just over $2.05 billion, compared with $2.01 billion in June 2024, with 55% of those surveyed reporting increases. They were down 9% from $2.2 billion in May.
Year to date through June, new orders for residential furniture totaled $12.55 billion, down 2% from $13.1 billion in the same first-half period last year.
By comparison, shipments totaled $2.12 billion, down 4% from just over $2.2 billion in June 2024, and down for about 55% of survey participants. They also were down 2% from $2.17 billion in May and down 1% for the first half, totaling $13.1 billion, compared with $13.35 billion the same period last year.
Backlogs totaled $2.4 billion in June, down 8% compared to $2.62 billion in June 2024. They also were down 2% from $2.42 billion in May.
Other highlights of the report are as follows:
+ Receivable levels declined 6% from June 2024 and were down 2% from May, which the report said “are materially in line with related shipment trends.”
+ Inventories were up 2% from June 2024 and down 2% from May, which it noted are “materially in line with prior periods and current operational levels.”
+ The number of factory and warehouse employees was down 4% from June 2024 and level with May.
+ Payroll expenses were up 2% compared with June 2024 and down 2% from May. Year to date through June, the report noted, payroll expense was up about 1%.
