by New orders were down 3% and shipments were down 6% from a year ago
HIGH POINT — New orders and shipments of residential furniture were down in August, according to the latest Furniture Insights report by Smith Leonard.
New orders were down 3%, to $2.12 billion, from $2.18 billion in August 2024, with one half of respondents reporting increases vs. decreases.
New orders also were down 3% from $2.17 billion in July, the report noted.
Shipments of residential furniture were down 6% to $2.23 billion, from $2.37 billion in August 2024, up for about one-third of survey participants from August 2024. Shipments were up 5% from $2.1 billion in July.
August backlogs totaled just over $2.4 billion, level with August 2024, but down 1% from $2.45 billion in July “as shipments outpaced new orders.”
Other highlights of the report were as follows:
+ Receivable levels were down 2% from August 2024 and up 1% from July, which the report said were both “materially in line with related shipment trends.”
+ Inventories were up 3% from both August 2024 and July which the report said was likely the result of tariffs.
+ The number of factory and warehouse workers were down 3% from August 2024, but level will July.
+ Payroll expense was flat compared with August 2024 and up 4% from July. Year to date through August, the report said, payroll expense was up 1%.
