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us office furniture orders up 13 pct-trade group

by:Xinyilong Furniture     2020-03-21
New York, August 2 (Reuters)-U. S.
According to industry data released on Thursday, office furniture orders increased by 13% in June, slowing down against the trend.
The Furniture Manufacturers Association of businesses and institutions said orders for June had increased to $1.
Growth of 22 billion year on year.
Shipments jumped 5% to $1. 05 billion.
The strength of orders is in stark contrast to the industry\'s performance since January, the industry\'s first decline since July 2004.
Excluding the June data, monthly orders so far this year have fallen by an average of about 5%-over year.
\"The data for June was surprisingly strong, supporting the view that while growth is slowing, it is unlikely that there will be an industry downturn, raymond James analyst Bugatch said in a research report.
The main economic drivers of office furniture, such as corporate profits, non-residential buildings, office vacancy rates and employment in the service sector, remain largely unchanged, Mr. Bugatch said.
However, Mr. Bugatch said tracking gross domestic product could stabilize the industry at a growth rate of 3% to 6%.
Despite the June figures, Mr. Bugatch said the industry would not return to double
Companies such as Steelcase Inc. Are growing at a high rate(SCS. N)
Herman Miller(MLHR. O), HNI Corp. (HNI. N)and Knoll Inc. (KNL. N)
During the boom years of 2004 and 2005, there was no new, widely adopted innovation, such as compartments.
The Furniture Manufacturers Association compiled the June report from 40 companies, accounting for 73% of the industry\'s total. (
Reports from Helen Chernikoff)
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