From Home Furnishing Business
Smith Leonard Survey: New Orders Up 7% in October
2018 by Laurie Northington in Economic News, Industry
New orders in October 2018 rose 7% over October in 2017, according to Smith Leonard’s latest survey of residential furniture suppliers.
While last month’s 9% increase compared to a 10% decrease in the previous year, the October results compared to an 8% increase reported for October 2017 versus October 2016. The 7% increase for October followed increases of 9% in the last two months as well as 5% increases in the previous three months.
Year-to-date, new orders remain 6% over the same period a year ago.
The survey also showed, shipments in October 2018 were 3% higher than October 2017 with year-to-date shipments also up 3%. Shipments for the month were up for some 66% of the participants.
Backlogs increased 5% again in October, the same increase as reported in September. With orders exceeding shipments through the 10-month period and backlogs high, shipments are expected to make up ground in the last two months of 2018.
Receivable and inventory levels increased 6% and 9% respectively, over October 2017. The number of factory and warehouse employees as well as payrolls continue to be in line with expectations based on current business levels.