December 2024 Furnishings Insights Report From Smith Leonard

MONTHLY RESULTS

New Orders

Based on our newest survey of residential furnishings producers and
distributors, new orders had been primarily flat in October 2024 in comparison with
October 2023, which places an finish to five straight months of yr over yr
declines we noticed in Could – September. As one would possibly anticipate, there was an
approximate 50/50 cut up of individuals who reported will increase versus
decreases in October 2024 in comparison with a yr in the past. Nonetheless, new orders had been
down 2% in comparison with the prior month of September 2024. 12 months so far by way of
October 2024, new orders stay flat in comparison with 2023, not adjusted for
inflation.

Shipments and Backlogs

October 2024 shipments had been down 5% from October 2023, however up 4% from
September 2024. Shipments in October 2024 had been down for roughly 75% of
the individuals in comparison with October 2023.

12 months so far by way of October 2024, shipments are down 7% in comparison with 2023.

October 2024 backlogs had been down 8% in comparison with October 2023, however down 2% from
September 2024 as present shipments outpaced new orders over the past month.

Receivables and Inventories

Receivable ranges had been up 6% from September 2024, however down 7% from October
2023, each of that are materially in step with the respective cargo
developments.

Inventories had been according to September 2024 at up 1% and down 8% from
October 2023, that are in step with prior intervals and present operational
ranges.

Manufacturing facility and Warehouse Workers and Payroll

The variety of manufacturing facility and warehouse workers was down 5% from October a yr
in the past, however even with September 2024. Payroll expense was down 2% in October 2024
in comparison with September 2024. 12 months so far by way of October 2024, payroll expense
is once more down 3%, which is materially according to the worker headcount
and prior intervals.

NATIONAL

Shopper Confidence

The Convention Board Shopper Confidence Index® declined by 8.1 factors in
December to 104.7 (1985=100).

The Current Scenario Index—primarily based on customers’ evaluation of
present enterprise and labor market situations—fell 1.2 factors to 140.2.

The Expectations Index—primarily based on customers’ short-term outlook
for revenue, enterprise, and labor market situations— tumbled 12.6 factors to
81.1, simply above the edge of 80 that often indicators a recession forward.

“The current rebound in client confidence was not sustained in December as
the Index dropped again to the center of the vary that has prevailed over the
previous two years,” stated Dana M. Peterson, Chief Economist at The Convention
Board. “Whereas weaker client assessments of the current scenario and
expectations contributed to the decline, the expectations part noticed the
sharpest drop. Shopper views of present labor market situations continued to
enhance, according to current jobs and unemployment information, however their
evaluation of enterprise situations weakened. In comparison with final month, customers
in December had been considerably much less optimistic about future enterprise
situations and incomes. Furthermore, pessimism about future employment prospects
returned after cautious optimism prevailed in October and November.”

Amongst age teams, December’s fall in confidence was led by customers over 35
years outdated; customers beneath 35 turned extra assured. Amongst revenue teams, the
decline was concentrated in customers with family earnings between $25K and
$100K, whereas customers on the backside and prime of the revenue vary reported solely
restricted adjustments in confidence. On a six-month transferring common foundation, customers
aged beneath 35 and people incomes over $100K remained essentially the most assured.

Peterson added: “Shoppers turned a bit much less bullish in regards to the inventory market in
December: 52.9% anticipated inventory costs to extend over the yr forward, down
from a report excessive of 57.2% in November. Additionally, 25% of customers anticipated inventory
costs to say no, up from 21.7%. The share of customers anticipating larger
rates of interest over the subsequent 12 months ticked as much as 48.5% however remained close to
current lows. The share anticipating decrease charges eased to 29.3%—down from current
months however nonetheless fairly excessive.”

The proportion of customers anticipating a recession over the subsequent 12 months
was secure close to the sequence low. In the meantime, customers’ assessments of their
Household’s Monetary Scenario—each present and over the subsequent six
months—weakened. (These measures should not included in calculating the Shopper
Confidence Index®.

Common 12-month inflation expectations stabilized at 5.0% in December, the
lowest since March 2020. Moreover, references to inflation and costs
dominated write-in responses. Requested what items and companies they anticipate to be
extra reasonably priced in 2025, customers largely chosen meals and fuel. Prices for
gyms and dwell occasions, live shows, and sports activities had been thought-about the least prone to
be extra reasonably priced subsequent yr.

On a six-month transferring common foundation, buying plans for properties had been down
barely in December, probably reflecting rising mortgage charges regardless of Fed
charge cuts. Buying plans for autos continued to extend, and extra
customers deliberate to purchase big- ticket gadgets over the subsequent 6 months than not.
Nonetheless, client shopping for plans for many home equipment and electronics had been nonetheless
down on a 6-month transferring common foundation. Individually, customers continued to
categorical intentions to buy extra companies forward, particularly eating
out and streaming. Travelling and going to the flicks had been considerably decrease on
the spending record in December, whereas private care and well being care moved up.
Per these findings on journey spending intentions, trip plans
had been down for each home and worldwide journey.

In write-in responses about components affecting customers’ views of the financial system,
mentions of politics—together with the end result of November’s elections—continued
to rise. Mentions of tariffs additionally elevated in December. Notably, a particular
query this month confirmed that 46% of US customers anticipated tariffs to boost
the price of residing whereas 21% anticipated tariffs to create extra US jobs.

Current Scenario
Shoppers’ assessments of present enterprise situations eroded considerably in
December.

• 
  19.1% of customers stated enterprise situations had been “good,” down from 21.6% in
  November.
• 16.7% stated enterprise situations had been “dangerous,” up from 15.3%.

Shoppers’ value determinations of the labor market improved in December.

• 
  37.0% of customers stated jobs had been “plentiful,” up from 33.6% in November.
• 14.8% of customers stated jobs had been “arduous to get,” down from 15.2%.

Expectations Six Months Therefore

Shoppers had been much less optimistic in regards to the outlook for enterprise situations in
December.

• 
  21.7% of customers anticipated enterprise situations to enhance, down from 24.7%
  in November
• 18.3% anticipated enterprise situations to worsen, up from 15.9%.

Shoppers’ assessments of the labor market outlook returned to being
pessimistic.

• 
  19.1% of customers anticipated extra jobs to be accessible, down from 22.8% in
  November.
• 21.3% anticipated fewer jobs, up from 17.9%.

Shoppers’ assessments of their revenue prospects had been much less optimistic in
December.

• 
  17.2% of customers anticipated their incomes to extend, down from 20.7% in
  November.
• 14.3% anticipated their incomes to lower, up from 12.1% in November.

Evaluation of Household Funds and Recession Danger

• 
  Shoppers’ assessments of their Household’s Present Monetary Scenario had been
  considerably much less constructive in December in comparison with final month.
• 
  Shoppers’ assessments of their Household’s Anticipated Monetary Scenario had been
  considerably much less optimistic.
• 
  Perceived Probability of a US Recession over the Subsequent 12 Months remained close to
  the sequence low

Main Financial Indicators

The Convention Board Main Financial Index® (LEI) for the US elevated by
0.3% in November 2024 to 99.7 (2016=100), almost reversing its 0.4% decline in
October. Over the six- month interval between Could and November 2024, the LEI
declined by 1.6%, barely lower than its 1.9% decline over the earlier six
months (November 2023 to Could 2024).

“The US LEI rose in November for the primary time since February 2022,” stated
Justyna Zabinska-La Monica, Senior Supervisor, Enterprise Cycle Indicators, at The
Convention Board. “A rebound in constructing permits, continued assist from
equities, enchancment in common hours labored in manufacturing, and fewer
preliminary unemployment claims boosted the LEI in November. It’s price noting
that beneficial properties in constructing permits weren’t widespread geographically or by
constructing kind; they had been concentrated primarily to the Northeast and Midwest, and
on buildings with 5+ items slightly than single-family dwellings. Total, the
rise in LEI is a constructive signal for future financial exercise within the US. The
Convention Board at present forecasts US GDP to broaden by 2.7% in 2024, however
progress to gradual to 2.0% in 2025.“

The Convention Board Coincident Financial Index® (CEI) for the US improved by
0.1% in November 2024 to 113.0 (2016=100)—the identical charge of progress as every
month between July and October. Because of this, the CEI elevated by 0.6% within the
six-month interval ending November 2024, barely larger than its 0.5% progress
over the earlier six- month interval. The CEI’s part indicators— payroll
employment, private revenue much less switch funds, manufacturing and commerce
gross sales, and industrial manufacturing—are included among the many information used to find out
recessions within the US. Private revenue much less switch funds was the very best
constructive contributor to CEI, primarily based on estimates for November, adopted by
payroll employment, and manufacturing and commerce gross sales, all of which offset the
third consecutive decline in industrial manufacturing.

The Convention Board Lagging Financial Index® (LAG) for the US elevated by
0.3% to 118.8 (2016=100) in November 2024, after a decline of 0.1% in October.
Nonetheless, the LAG’s six-month progress charge was unfavorable at 0.4% between Could and
November 2024, a partial reversal from its 0.6% improve over the earlier six
months.

Gross Home Product

Actual gross home product (GDP) elevated at an annual charge of three.1% within the
third quarter of 2024, in keeping with the “third” estimate launched by the U.S.
Bureau of Financial Evaluation. Within the second quarter, actual GDP elevated 3.0%.

The GDP estimate relies on extra full supply information than had been accessible for
the “second” estimate issued final month. Within the second estimate, the rise
in actual GDP was 2.8%. The replace primarily mirrored upward revisions to
exports and client spending that had been partly offset by a downward revision
to personal stock funding. Imports, that are a subtraction within the
calculation of GDP, had been revised up.

The rise in actual GDP primarily mirrored will increase in client spending,
exports, nonresidential mounted funding, and federal authorities spending.
Imports elevated.

In comparison with the second quarter, the acceleration in actual GDP within the third
quarter primarily mirrored accelerations in exports, client spending, and
federal authorities spending. These actions had been partly offset by a downturn
in personal stock funding and a bigger lower in residential mounted
funding. Imports accelerated.

Present greenback GDP elevated 5.0% at an annual charge, or $358.2 billion, within the
third quarter to a degree of $29.37 trillion, an upward revision of $20.6
billion from the earlier estimate.

The worth index for gross home purchases elevated 1.9% within the third
quarter, the identical because the earlier estimate. The non-public consumption
expenditures (PCE) worth index elevated 1.5%, additionally the identical as beforehand
estimated. Excluding meals and power costs, the PCE worth index elevated
2.2%, an upward revision of 0.1 share level.

HOUSING

Current-Dwelling Gross sales

Current-home gross sales grew in November, in keeping with the Nationwide Affiliation of
Realtors®. Gross sales superior in three main U.S. areas and remained regular in
the West. 12 months-over-year, gross sales climbed in all 4 areas

Complete existing-home gross sales – accomplished transactions that embody single-family
properties, townhomes, condominiums and co-ops – improved 4.8% from October to a
seasonally adjusted annual charge of 4.15 million in November. 12 months- over-year,
gross sales bounced 6.1% (up from 3.91 million in November 2023).

“Dwelling gross sales momentum is constructing,” stated NAR Chief Economist Lawrence Yun.
“Extra consumers have entered the market because the financial system continues so as to add jobs,
housing stock grows in comparison with a yr in the past, and customers get used to a
new regular of mortgage charges between 6% and seven%.”

Single-family house gross sales progressed 5.0% to a seasonally adjusted annual charge
of three.76 million in November, up 7.4% from the earlier yr. The median
current single-family house worth was $410,900 in November, up 4.8% from
November 2023.

Current condominium and co-op gross sales elevated 2.6% in November to a
seasonally adjusted annual charge of 390,000 items, down 4.9% from one yr in the past
(410,000). The median current rental worth was $359,800 in November, up 2.8%
from the prior yr ($350,100).

Based on Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of
December 12. That is down from 6.69% one week in the past and 6.95% one yr in the past.

Complete housing stock registered on the finish of November was 1.33 million
items, down 2.9% from October however up 17.7% from one yr in the past (1.13 million).
Unsold stock sits at a 3.8-month provide on the present gross sales tempo, down
from 4.2 months in October however up from 3.5 months in November 2023.

The median existing-home worth for all housing sorts in November was $406,100,
up 4.7% from one yr in the past ($387,800). All 4 U.S. areas posted worth
will increase.

“Current owners are capitalizing on the collective $15 trillion rise in
housing fairness over the previous 4 years to search for properties higher suited to
their altering life circumstances,” Yun added.”

Based on the month-to-month REALTORS® Confidence Index, properties usually
remained in the marketplace for 32 days in November, up from 29 days in October and
25 days in November 2023.

First-time consumers had been answerable for 30% of gross sales in November, up from 27%
in October however down from 31% in November 2023. NAR’s 2024 Profile of Dwelling
Patrons and Sellers – launched November 2024 – discovered that the annual share of
first-time consumers was 24%, the bottom ever recorded.

Regional

Current-home gross sales within the Northeast in November jumped 8.5% from October to
an annual charge of 510,000, up 6.3% from November 2023. The median worth within the
Northeast was $475,500, up 9.9% from final yr.

Within the Midwest, existing-home gross sales grew 5.3% in November to an annual charge of
1 million, up 5.3% from the earlier yr. The median worth within the Midwest was
$302,000, up 7.3% from November 2023.

Current-home gross sales within the South rose 5.6% from October to an annual charge of
1.87 million in November, up 3.3% from one yr earlier than. The median worth in
the South was $361,300, up 2.8% from one yr earlier.

Within the West, existing-home gross sales had been unchanged in November at an annual charge
of 770,000, up 14.9% from a yr in the past. The median worth within the West was
$628,200, up 4.0% from November 2023.

New Residential Gross sales

Gross sales of recent single-family homes in November 2024 had been at a seasonally
adjusted annual charge of 664,000, in keeping with estimates launched collectively by
the U.S. Census Bureau and the Division of Housing and City Growth.
That is 5.9% above the revised October charge of 627,000 and is 8.7% above the
November 2023 estimate of 611,000.

The median gross sales worth of recent homes bought in November 2024 was $402,600
($437,300 in October 2024). The typical gross sales worth was $484,800 ($545,800 in
October 2024).

The seasonally-adjusted estimate of recent homes on the market on the finish of November
was 490,000. This represents a provide of 8.9 months on the present gross sales charge
(9.5 months in October 2024).

In comparison with November 2023 on a seasonally-adjusted foundation, gross sales had been up 8.7%
total with gross sales additionally up 13.6% within the South and 10.0% within the Midwest, however
down 11.5% within the Northeast and 1.4% within the West.

Housing Begins

Privately-owned housing begins in November had been at a seasonally adjusted
annual charge of 1,289,000. That is 1.8% beneath the revised October estimate of
1,312,000 and is 14.6% beneath the November 2023 charge of 1,510,000.

Single-family housing begins in November had been at a charge of 1,011,000; that is
6.4% above the revised October determine of 950,000.

The November charge for items in buildings with 5 items or extra was 264,000
(326,000 in October).

Housing Completions

Privately-owned housing completions in November had been at a seasonally adjusted
annual charge of 1,601,000. That is 1.9% beneath the revised October estimate of
1,632,000, however is 9.2% above the November 2023 charge of 1,466,000

Single-family housing completions in November had been at a charge of 1,038,000;
that is 3.3% above the revised October charge of 1,005,000.

The November charge for items in buildings with 5 items or extra was 544,000
(615,000 in October).

Single-family completions in comparison with November 2023, on a seasonally-adjusted
foundation, had been up 7.0% in complete and likewise up 0.7% within the South, up 24.8% within the
Midwest, up 19.0% within the West, whereas down 7.3% within the Northeast.

OTHER NATIONAL

Retail Gross sales

Advance estimates of U.S. retail and meals companies gross sales for November 2024,
adjusted for seasonal variation and vacation and trading-day variations, however
not for worth adjustments, had been $724.6 billion, a rise of 0.7% from the
earlier month, and up 3.8% from November 2023. Complete gross sales for the September
2024 by way of November 2024 interval had been up 2.9% from the identical interval a yr
in the past. The September 2024 to October 2024 % change was revised from up
0.4% to up 0.5%.

Retail commerce gross sales had been up 0.9% from October 2024, and up 4.1% from final yr.
Motorized vehicle and elements sellers had been up 6.5% from final yr, whereas Nonstore
retailers had been up 9.8% from November 2023.

Gross sales at furnishings and residential furnishings shops had been primarily flat in
November 2024 from October 2024 on a seasonally-adjusted foundation, however up 0.1%
from November 2023. Gross sales had been down 3.3% for yr so far November 2024
in comparison with the identical interval for 2023 on an unadjusted foundation.

Shopper Costs

The Shopper Worth Index for All City Shoppers (CPI-U) elevated 0.3% on a
seasonally adjusted foundation in November, after rising 0.2% in every of the
earlier 4 months, the U.S. Bureau of Labor Statistics reported. Over the past
12 months, the all-items index elevated 2.7% earlier than seasonal adjustment.

The index for shelter rose 0.3% in November, accounting for almost forty
% of the month-to-month all-items improve. The meals index additionally elevated over
the month, rising 0.4% because the meals at house index elevated 0.5% and the meals
away from house index rose 0.3%. The power index rose 0.2% over the month,
after being unchanged in October.

The index for all-items much less meals and power rose 0.3% in November, because it did
in every of the earlier 3 months. Indexes that elevated in November embody
shelter, used automobiles and vehicles, family furnishings and operations, medical
care, new autos, and recreation. The index for communication was among the many
few main indexes that decreased over the month.

The all-items index rose 2.7% for the 12 months ending November, after rising
2.6% over the 12 months ending October. The all gadgets much less meals and power
index rose 3.3% during the last 12 months. The power index decreased 3.2% for
the 12 months ending November. The meals index elevated 2.4% during the last
yr.

Employment

Complete nonfarm payroll employment rose by 227,000 in November, and the
unemployment charge modified little at 4.2%, the U.S. Bureau of Labor Statistics
reported. Employment trended up in well being care, leisure and hospitality,
authorities, and social help. Retail commerce misplaced jobs.

Each the unemployment charge, at 4.2%, and the variety of unemployed folks, at
7.1 million, modified little in November. These measures are larger than a yr
earlier, when the jobless charge was 3.7%, and the variety of unemployed folks
was 6.3 million

Sturdy Items Orders and Manufacturing facility Shipments

New orders for manufactured sturdy items in October, up following two
consecutive month-to-month decreases, elevated $0.8 billion or 0.3% to $286.8
billion, up from the beforehand printed 0.2% improve. This adopted a 0.4%
September lower. Transportation gear, additionally up following two
consecutive month-to-month decreases, led the rise, $0.5 billion or 0.5% to $97.1
billion. New orders for manufactured nondurable items elevated $0.3 billion
or 0.1% to $299.9 billion.

Shipments of manufactured sturdy items in October, down three consecutive
months, decreased $1.5 billion or 0.5% to $285.5 billion, up from the
beforehand printed 0.6% lower. This adopted a 0.8% September lower.
Transportation gear, additionally down three consecutive months, drove the
lower, $1.9 billion or 2.0% to $92.0 billion. Shipments of manufactured
nondurable items, up following two consecutive month-to-month decreases, elevated
$0.3 billion or 0.1% to $299.9 billion. This adopted a 0.1% September
lower. Petroleum and coal merchandise, additionally up following two consecutive
month-to-month decreases, drove the rise, $0.3 billion or 0.4% to $62.1 billion.

On a seasonally-adjusted foundation, shipments for furnishings and associated merchandise
had been down 0.6% in comparison with the prior month, whereas new orders had been additionally down
0.8%. On a non-adjusted foundation, yr so far shipments for furnishings and
associated merchandise had been up 0.9% in comparison with the prior yr, whereas yr so far
new orders had been up 1.7%.

Government Abstract

New orders had been primarily flat in October 2024 in comparison with October 2023,
which places an finish to five straight months of yr over yr declines we noticed in
Could – September. Nonetheless, new orders had been down 2% in comparison with the prior month
of September 2024. 12 months so far by way of October 2024, new orders stay flat
in comparison with 2023.

October 2024 shipments had been down 5% from October 2023, however up 4% from
September 2024.

October 2024 backlogs had been down 8% in comparison with October 2023, and likewise down 2%
from September 2024.

Inventories and worker/payroll ranges are once more materially in step with
current months, however down from 2023, indicating that firms have aligned
ranges to match present operations.

Nationwide

Shopper Confidence

The Convention Board Shopper Confidence Index® declined by 8.1 factors in
December to 104.7 (1985=100).

The Current Scenario Index—primarily based on customers’ evaluation of
present enterprise and labor market situations—fell 1.2 factors to 140.2.

The Expectations Index—primarily based on customers’ short-term outlook
for revenue, enterprise, and labor market situations—tumbled 12.6 factors to 81.1,
simply above the edge of 80 that often indicators a recession forward.

The current rebound in client confidence was not sustained in December because the
Index dropped again to the center of the vary that has prevailed over the previous
two years,” saidDana M. Peterson, Chief Economistat The Convention Board.
“Whereas weaker client assessments of the current scenario and expectations
contributed to the decline, the expectations part noticed the sharpest drop.
Shopper views of present labor market situations continued to enhance,
according to current jobs and unemployment information, however their evaluation of
enterprise situations weakened. In comparison with final month, customers in December
had been considerably much less optimistic about future enterprise situations and
incomes. Furthermore, pessimism about future employment prospects returned after
cautious optimism prevailed in October and November.”

On a six-month transferring common foundation, buying plans for properties had been down
barely in December, probably reflecting rising mortgage charges regardless of Fed
charge cuts. Buying plans for autos continued to extend, and extra
customers deliberate to purchase big-ticket gadgets over the subsequent 6 months than not.
Nonetheless, client shopping for plans for many home equipment and electronics had been nonetheless
down on a 6-month transferring common foundation.

Housing

Current-home gross sales grew in November, in keeping with the Nationwide Affiliation of
Realtors®. Gross sales superior in three main U.S. areas and remained regular in
the West. 12 months-over-year, gross sales climbed in all 4 areas.

Complete existing-home gross sales – accomplished transactions that embody single household
properties, townhomes, condominiums and co-ops –improved 4.8% from October to a
seasonally adjusted annual charge of 4.15 million in November. 12 months-over-year,
gross sales bounced 6.1% (up from 3.91 million in November 2023).

Single-family house gross sales progressed 5.0% to a seasonally adjusted annual charge
of three.76 million in November, up 7.4% from the earlier yr. The median
current single-family house worth was $410,900 in November, up 4.8% from
November 2023.

Current condominium and co-op gross sales elevated 2.6% in November to a
seasonally adjusted annual charge of 390,000 items, down 4.9% from one yr in the past
(410,000). The median current rental worth was $359,800 in November, up 2.8%
from the prior yr ($350,100).

Based on Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of
December 12. That’s down from 6.69% one week in the past and 6.95% one yr in the past.

Gross sales of recent single-family homes in November 2024 had been at a seasonally
adjusted annual charge of 664,000, in keeping with estimates launched collectively by
the U.S. Census Bureau and the Division of Housing and City Growth.
That is 5.9% above the revised October charge of 627,000 and is 8.7% above the
November 2023 estimate of 611,000.

In comparison with October 2023 on a seasonally-adjusted foundation, gross sales had been up 8.7%
total with gross sales additionally up 13.6% within the South and 10.0% within the Midwest, however
down 11.5% within the Northeast and 1.4% within the West

Different

Actual gross home product (GDP) elevated at an annual charge of three.1% within the
third quarter of 2024, in keeping with the “third” estimate launched by the U.S.
Bureau of Financial Evaluation. Within the second quarter, actual GDP elevated 3.0%.

The rise in actual GDP primarily mirrored will increase in client spending,
exports, nonresidential mounted funding, and federal authorities spending.
Imports elevated.

Gross sales at furnishings and residential furnishings shops had been primarily flat in
November 2024 from October 2024 on a seasonally-adjusted foundation, however up 0.1%
from November 2023. Gross sales had been down 3.3% for yr so far November 2024
in comparison with the identical interval for 2023 on an unadjusted foundation.

Ideas

I hope everybody has had a restful and satisfying vacation break.

We continued to see lots of the nationwide financial indicators trending within the
proper path this month, notably a rise in existing-home gross sales,
and trade experiences about final month’s Black Friday and different vacation retail
gross sales exercise have been largely constructive. As well as, inflation has slowed
sufficient to permit the Fed to make one other 0.25% rate of interest lower in December.

In the meantime, the impression of potential tariffs and labor restrictions has many
growing contingency plans and evaluating their choices, whereas
concurrently monitoring the looming East/Gulf Coast port strike and what
impact that can have on logistics and already rising container prices.

Regardless of these challenges, current experiences mission modest progress for the approaching
yr with many within the trade comparatively optimistic in regards to the prospects for
2025 and past.

After a number of months of yr over yr new order declines, our month-to-month stats
do appear to recommend that the collective tide could also be turning, so like many
others, we’re hopeful there may be sufficient lasting constructive momentum to outweigh
the potential negatives, and that with slightly luck and a whole lot of arduous work,
people who “survived till 2025” can be rewarded for his or her efforts.

Wishing everybody the very best within the new yr.

This Furnishings Insights® e-newsletter report has been re-published with
the permission of Smith Leonard PLLC an unbiased member of the BDO
Seidman Alliance.

Agency Profile: Based in 1930 by BDO Seidman, LLP, the Excessive Level, North
Carolina observe was lately acquired by 4 people who’ve spent
nearly all of their 100+ yr careers constructing the prevailing observe.
Starting January 1, 2007, Smith Leonard PLLC turned an unbiased member
of the BDO Seidman Alliance. Companions are Ken Smith, Darlene Leonard, Jon
Glazman and Mark Bulmer. Among the many agency’s 32 workers are 18 CPAs.

Service Space – Smith Leonard concentrates primarily within the Triad, however
additionally companies firms with home areas all through North Carolina,
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Apply Focus – The vast majority of the consumer base consists
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A lot of its shoppers are both furnishings producers, distributors or
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