by Shipments also were down compared to October, but new orders were up during the same period
HIGH POINT — New orders and shipments of residential furniture were down in November compared to November 2024 according to the latest Furniture Insights report published by Smith Leonard.
The monthly survey of major furniture manufacturers and importers said that new orders totaled $2.35 billion in November, down two percent compared with $2.4 billion in November of 2024. One half of survey participants reported increases versus decreases.
By comparison, new orders were up 2% from $2.3 billion in October.
November shipments totaled $2.06 billion, down 6% from $2.18 billion in November 2024, again, up for half of survey participants. Shipments were down 10% from $2.3 billion in October., which the report attributed to a decline in activity around the Thanksgiving holiday.
November backlogs totaled $2.46 billion, down 1% from $2.5 billion in November 2024 and up 3% from $2.4 billion in October, which the report said occurred as new orders outpaced shipments.
The data on shipments in particular offers a window into business conditions as retailers sought to benefit from holiday season furniture sales activity, including the sale of living room and dining furniture both boosted by year-end entertaining.
Other highlights of the report are as follows:
+ Receivables were down 5% from November 2024, but up 1% from October.
+ Inventories were up 4% from November 2024 and up 1% from October.
+ The number of factory and warehouse employees were down 3% from November 2024 but were level with the prior month.
+ Payroll expenses were down 3% compared with November 2024 and down 9% compared to October.
