WREN Report: March U.S. Furniture Imports Decline, Exports Rise

May 11, 2008  by in UnCategorized   

By Home Furnishings Business in on May 2008 • Total March exports of $148.5 billion and imports of $206.7 billion resulted in a goods and services deficit of $58.2 billion, according to the U.S. Department of Commerce. March exports were $2.6 billion less than February exports and March imports were $6.1 billion less than February imports.

March furniture and bedding imports were $2.4 billion, down from $2.7 billion in February. Exports of furniture and bedding in March increased to $446 million from $427 million in February.

• In March, both overall import and export prices jumped, up 2.8 percent for imports and 1.5 percent for exports, according to the U.S. Bureau of Labor Statistics (BLS). The increase in import prices follows a 0.2 percent and 1.5 percent increase in February and January, respectively.

Overall export prices in February and January were up 1.1 percent and 1.2 percent, respectively.

BLS attributed the import price increase primarily to a 9.1 percent increase in petroleum prices. The March increase in export prices, the largest one-month increase since the price index was first published in December 1988, was driven by higher agricultural prices, up 4.1 percent in March and 33.4 percent over the past 12 months.

On the home furnishings manufacturing front, import prices grew 4.5 percent in March, compared with year-earlier figures and were up 1.7 percent from February.

The export price index for home furnishings decreased 0.3 percent from February to March and was up 3.0 percent compared with March of 2007.

• Initial unemployment claims, on a seasonally adjusted basis, decreased by 18,000 claims, or 4.7 percent, for the week ended May 3, compared with the week before. Measured against year-earlier data, unemployment claims increased 22.9 percent. The U.S. Department of Labor tracks unemployment claims.

Weekly Review of Economic News (WREN) reports are summaries of recently-released economic statistical data that affect the home furnishings industry. WREN reports are compiled by HFB Research Editor Janice Chamberlain.