by July shipments rose 5.5% during the same period, according to the latest monthly Smith Leonard Furniture Insights report
HIGH POINT — New orders for residential furniture were down in July from a year earlier, but shipments were up, according to the latest Furniture Insights report by Smith Leonard.
The firm’s latest monthly survey of manufacturers and distributors said that new orders totaled $1.9 billion in July, down 5% from the $2.02 billion reported in July 2023. They also were down 8.4% from the $2.1 billion reported in June.
One-half of survey participants reported an increase in orders from July 2023, the report said.
Shipments totaled $2.056 billion in July, up 5.5% from $1.95 billion in July 2023, and also up for about one-half of survey participants. They were down 7% from the $2.2 billion reported in June.
The report noted that July figures can be expected to fluctuate because of the timing and duration of the July Fourth holiday during which many companies shut down.
In addition, July backlogs totaled $2.55 billion, down 11% from nearly $2.9 billion in backlogs in July 2023. They were also down 3% from $2.62 billion in June.
Other highlights of the report are as follows:
+ Receivable levels were even with July 2023 but down 3% from June, which the report said is hopefully because of timing rather than an indication of deteriorating customer credit.
+ Inventories were down 11% from July 2023 and consistent with June 2024, which the report said is in line with prior periods and current operational levels.
+ The number of factory and warehouse workers was down 4% from July 2023 and down 1% from June.
+ Year-to-date payroll expenses through July 2024 were down 2%, which the report said is consistent with employee headcount and prior periods.
