by However, Smith Leonard Furniture Insights reports that new orders were up 11% from April, while shipments were flat
HIGH POINT — New orders and shipments for residential furniture were down slightly from May 2024, according to the latest Furniture Insights report from Smith Leonard.
Meanwhile, new orders were up 11% from April while shipments were flat, the report noted.
New orders totaled $2.2 billion in May, down from $2.23 billion in May 2024 and up 11% from $2 billion in April.
About half of the survey respondents reported increases versus decreases in May compared to a year ago.
Shipments totaled $2.17 billion in May, down 2% compared with $2.23 billion in May 2024. They were about level with April shipments, also totaling $2.17 billion. The report noted that May shipments were down for about 40% of the survey participants, also compared to a year ago.
May backlogs totaled $2.4 billion, down 10% from $2.7 billion in May 2024. They were up 3% from $2.36 billion in April, which the report said “appear materially in line with new order and shipment trends.”
Other highlights of the report are as follows:
+ Receivable levels were down 6% from April and down 2% from May 2024, again “both materially in line with related shipment trends and subject to normal fluctuations in the timing of collections.”
+ Inventories were flat compared to April and up 2% from May 2024, which the report said also “are materially in line with prior periods and current operational levels.”
+ The number of factory and warehouse employees was down 4% from a year ago, but relatively even with the prior month (down 1%).
+ Payroll expense was down 2% in May compared to April and also down 2% compared to May 2024. Year to date through May, the report noted that payroll expense was up 1% (up 2% year to date last month).
