WEST OLIVE, MI – Based on surveys with executives at office furniture manufacturers and their suppliers, the industry index from Michael A. Dunlap & Associates plummeted to an overall score of 46.17, its lowest rating since it began in August 2004, according to mlive.com. The January result compares with the previous all-time low of 49.21 in April 2008.
“There is no doubt that the industry is re-entering a dark business period, due to an unprecedented global economic storm,” Michael Dunlap said. “This quarter has shown a decline that was worse than I had anticipated three, and even six months ago.”
Nine of the 10 indicators used in the index declined from the prior survey three months earlier. The lone improvement came in raw material prices, which Dunlap said was expected given the lower costs of oil and metals.
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