HIGH POINT, NC – According to the latest survey of residential furniture manufacturers and distributors from accounting and consulting firm Smith Leonard PLLC, new orders fell 28% in October 2008, compared to October 2007.

New orders were 13% lower in October versus September 2008. For comparison, new orders in October 2007 were 2% higher than October 2006. Year-to-date, new orders for the first 10 months of 2008 are now 12% lower than the same period a year ago, up from 10% below last month. The  year-to-date orders in 2007 were 4% below the same period in 2006.

Shipments for October 2008 were 20% lower than October 2007 and were 8% lower than September 2008. Year-to-date, shipments for the first 10 months were 11% below last year.

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