HIGH POINT, NC – New orders of residential furniture in January were 24% lower than orders in January 2008, according to accounting and consulting firm Smith Leonard PLLC. New orders in January 2008 were 5% lower than orders in January 2007. However, January orders were 3% higher than December 2008 orders.
According to Smith Leonard, January’s decline was not unexpected as the trend of being off more than 20% from the prior year continued for the fourth straight month and followed a decline in orders of 26% for the fourth quarter of 2008.
Approximately 95% of the participants reported declines in orders, compared to 89% for all of last year. Some 76% of the participants were off more than 20% with some reporting even more serious double-digit declines.
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