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From Home Furnishing Business

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

Chinese Consumers: One Life to Live

For Wei Yongshi, the Sichuan earthquake of 2008 was a wakeup call. 

The disaster killed more than 80,000 people. If all those lives could be taken in an instant, the retired science teacher realized, what are we saving all this money for? Beyond the existential, there's the practical: Holding money can diminish its value, he said. 

Here's an interesting analysis of the rising middle class consumer in China, and its outlook on shopping for consumer goods, including home furnishings.

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Source: Global Atlanta

Stansell Furniture Going out of Business

Stansell Furniture, a retailer of furniture, bedding and home accents in Northwest Georgia and Southeastern Tennessee, is closing its two stores in Trion, Ga., and Lafayette, Ga., after more than 60 years in business. A going-out-of-business sale started last week.

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Source: RN-T.com

Consumer Confidence Index Increases to 81.5

Consumer confidence unexpectedly improved in August as Americans grew more optimistic about employment opportunities and the outlook for the economy.

The Conference Board’s index of sentiment advanced to 81.5 from a revised 81 the prior month that was stronger than initially estimated, the New York-based private research group said today. The median forecast in a Bloomberg survey of economists was 79. 

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Source: Bloomberg

FBI De-Lists from NYSE

Furniture Brands International (NYSE: FBN) announced on Friday that it will voluntarily delist its common stock from The New York Stock Exchange.

Furniture Supplier AP Industries Closed

The sudden closure of AP Industries in Canada is difficult for the 150 employees licensees and will impact on the region's local economy.

The furniture manufacturing company, which experiencing financial difficulties for several years, closed its doors last week.

The employees learned of the layoff the night before the closing.

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Source: Radio-Canada.ca

 

Consumer Sentiment Sours in August

U.S. consumers, bracing for higher interest rates and slightly slower economic growth, were a bit less optimistic in August as sentiment retreated from last month's six-year high, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment slipped to 80.0 from 85.1 in July, the highest since July 2007.

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Source: CNBC

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