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From Home Furnishing Business

Warren Buffett: U.S. Default Would be 'Idiocy'

Billionaire Warren Buffett says it would be idiocy for the nation's leaders to allow the United States to default on its bills.

Furniture Market has $5.4B Impact on Economy

The High Point Market  contributes $5.4 billion in economic impact to the overall local economy with more than 37,000 jobs and $198 million in N.C. local and state taxes and fees.

July Furniture Orders Jump 13%

Retailers' orders for furniture rose 13 percent in July compared to the same month last year, according to the latest Furniture Insights survey.

U.S. Retail Sales Miss Expectations

U.S. retail sales rose less than expected in August even as demand increased for automobiles and other big-ticket items, the latest sign that economic growth slowed in the third quarter.

The Commerce Department said on Friday retail sales increased 0.2 percent last month as Americans bought automobiles, furniture and electronics and appliances.

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Source: Yahoo! News

July Home Sales Hit 5.4 Million, Highest since '09

Good news for furniture land! For the first time since 2009, previously occupied U.S. homes are selling at a pace associated with a healthy market.

Sales jumped 6.5 percent in July to a seasonally adjusted annual rate of 5.4 million, the National Association of Realtors said Wednesday. Over the past 12 months, sales have surged 17.2 percent. The trend shows that housing remains a driving force for the economy even as mortgage rates have risen from record lows.
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Source: Minneapolis Star Tribune

Home Furnishings Gain In Housing Recovery

The recovery in the housing market has helped spark an upturn on spending on home goods and materials.

When a house is underwater with more owed on the mortgage than the residence is worth, homeowners usually limit spending to emergency repairs. But with home sales and prices on the upswing, Americans are investing to improve their homes.

That's helped give a nice lift to home furnishing retailers. Privately held retailers of home-related goods and materials are seeing strong sales growth, according to new data from Sageworks, a financial information company.
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Source: Investors Business Daily

Consumer Spending Increases for a Third Month

Consumer purchases, which account for about 70 percent of the economy, rose 0.1 percent after a revised 0.6 percent increase the prior month that was larger than previously estimated, the Commerce Department reported today in Washington.

The median forecast in a Bloomberg survey of economists called for a 0.3 percent rise. Incomes increased 0.1 percent, down from 0.3 percent the previous month.

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Source: BusinessWeek

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