HIGH POINT, NC – According to the latest report from accounting and consulting firm Smith Leonard PLLC, new orders for residential furniture manufacturers and distributors in November 2008 were down compared to the results for November 2007. The survey says new orders declined 23% compared to November 2007 and were down 5% compared to October 2008.
For the month, 81% of the participants reported lower orders versus last November. Almost two-thirds of the participants reported orders off 20% or more. Year-to-date, new orders fell to 13% below the first 11 months of last year, down from 12% last month and 10% in September. Year-to-date, 92% of the participants are reporting declines in orders and 68% of the participants are reporting declines of 10% or more.
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