February 2025 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 up 1% in
December 2024
in comparison with December 2023. Roughly two-thirds of individuals reported will increase versus decreases in December
2024
in comparison with a 12 months in the past. 12 months up to now by way of December 2024, new orders are actually down 1% in comparison with 2023. New orders
had been
additionally down 15% in comparison with the prior month of November 2024, which
appears to incorporate some seasonality as a result of December vacation break (was
down 22% month over month final 12 months).

Shipments and Backlogs

December 2024 shipments had been down 2% from December 2023, and likewise
down 7% with November 2024. Shipments in December 2024 had been down for
roughly half of the individuals in comparison with December 2023.

12 months up to now by way of December 2024, shipments had been down 6% in contrast
to 2023.

December 2024 backlogs had been down 8% in comparison with November 2023, and
additionally down 2% from November 2024 as present shipments outpaced new
orders over the last month.

Receivables and Inventories

Receivable ranges had been down 7% from November 2024, and down 3% from
December 2023, each of that are materially according to the respective
cargo developments, given regular timing variations with collections.

Inventories had been per November 2024 and down 2% from
December 2023, that are according to prior durations and present operational
ranges.

Manufacturing facility and Warehouse Workers and Payroll

The variety of manufacturing unit and warehouse workers remained down 5% from December a 12 months in the past, however once more even with the prior
month.

Payroll expense was down 10% in December 2024 in comparison with November 2024, presumably as a consequence of vacation break (was down 11%
final 12 months). 12 months up to now by way of December 2024, payroll expense is once more down 3%, which is materially per
the worker
headcount and prior durations.

NATIONAL

Client Confidence

The Convention Board Client Confidence Index® declined
by 7.0 factors in February to 98.3 (1985=100).

The Current Scenario Index—based mostly on shoppers’ evaluation
of present enterprise and labor market circumstances—fell 3.4 factors to
136.5.

The Expectations Index—based mostly on shoppers’ short-term
outlook for revenue, enterprise, and labor market circumstances—
dropped 9.3 factors to 72.9.

For the primary time since June 2024, the Expectations Index was
under the brink of 80 that normally indicators a recession forward.
The cutoff date for preliminary outcomes was February 19, 2025.

“In February, client confidence registered the most important month-to-month
decline since August 2021,” mentioned Stephanie Guichard, Senior
Economist, World Indicators at The Convention Board. “That is the
third consecutive month on month decline, bringing the Index to the
backside of the vary that has prevailed since 2022. Of the 5
elements of the Index, solely shoppers’ evaluation of current
enterprise circumstances improved, albeit barely. Views of present labor
market circumstances weakened. Shoppers turned pessimistic
about future enterprise circumstances and fewer optimistic about future
revenue. Pessimism about future employment prospects worsened
and reached a ten-month excessive.”

February’s fall in confidence was shared throughout all age teams however
was deepest for shoppers between 35 and 55 years previous. The
decline was additionally broad-based amongst revenue teams, with the one
exceptions amongst households incomes lower than $15,000 a 12 months
and between $100,000–125,000.

Guichard added: “Common 12-month inflation expectations surged
from 5.2% to six% in February. This enhance doubtless mirrored a mixture of
components, together with sticky inflation but in addition the latest leap in costs
of key family staples like eggs and the anticipated impression of
tariffs. References to inflation and costs basically proceed to rank
excessive in write-in responses, however the focus shifted in direction of different
subjects. There was a pointy enhance within the mentions of commerce and
tariffs, again to a degree unseen since 2019. Most notably, feedback
on the present Administration and its insurance policies dominated the
responses.”

Shoppers’ views of their Household’s Present and Future Monetary
Scenario had been much less optimistic, retreating from the sequence highs
reached in January. The proportion of shoppers anticipating a
recession over the following 12 months elevated to a nine-month excessive.
(These measures usually are not included in calculating the Client
Confidence Index®.) Shoppers’ bullishness in regards to the inventory
market additionally retreated: solely 46.8% of shoppers anticipated inventory
costs to extend over the 12 months forward—the smallest share since
April 2024, and down from 54.2% in January. In contrast, 32.8%
anticipated inventory costs to say no, up from 24.8% in January. Extra
than half (51.7%) of shoppers anticipated larger rates of interest over
the following 12 months. The share of shoppers anticipating decrease
rates of interest dropped additional to 24.0% from 27.1% final month.

On a six-month transferring common foundation, buying plans for properties continued to get better, doubtless supported by the very
latest decline
in mortgage charges. Then again, shopping for plans for automobiles and big-ticket gadgets had been down, with notable declines for
TVs and
electronics. Shoppers’ total intentions to buy extra providers within the months forward had been modified little,
however
their priorities
shifted barely: private and well being care, in addition to motion pictures and dwell leisure, moved up the precedence record, at
the
expense of
streaming and journey. Trip plans continued to development downward.

Current Scenario
Shoppers’ assessments of present enterprise circumstances improved barely in February.

• 
  19.6% of shoppers mentioned enterprise circumstances had been “good,” up from 18.5% in January.
• 15.7% mentioned enterprise circumstances had been “unhealthy,” up from 15.2%.

Shoppers’ views of the labor market had been much less optimistic in February.

• 
  33.4% of shoppers mentioned jobs had been “plentiful,” down from 33.9% in January.
• 16.3% of shoppers mentioned jobs had been “onerous to get,” up from 14.5%.

Expectations Six Months Therefore

Shoppers’ outlook for enterprise circumstances turned destructive in February.

• 
  20.2% of shoppers anticipated enterprise circumstances to enhance, down from 20.8% in January.
• 26.7% anticipated enterprise circumstances to worsen, up from 19.6%.

Shoppers’ pessimism in regards to the labor market outlook worsened.

• 
  18.4% of shoppers anticipated extra jobs to be obtainable, down from 19.1% in January.
• 25.9% anticipated fewer jobs, up from 21.0% in January.

Shoppers had been much less optimistic about their revenue prospects in February.

• 
  18.2% of shoppers anticipated their incomes to extend, a slight uptick from 18.1% in January.
• However 13.7% anticipated their incomes to lower, up from 12.3%.

Evaluation of Household Funds and Recession Threat

• 
  Shoppers’ assessments of their Household’s Present Monetary Scenario turned much less optimistic in February.
• 
  Shoppers’ assessments of their Household’s Anticipated Monetary Scenario additionally weakened.
• 
  Shoppers’ Perceived Probability of a US Recession over the Subsequent 12 Months rose in February.

Main Financial Indicators

The Convention Board Main Financial
Index® (LEI) for the US fell by 0.3% in January 2025
to 101.5 (2016=100), after a 0.1% enhance in
December 2024 (upwardly revised from an initially
estimated decline of 0.1%). General, the LEI recorded
a 0.9% decline within the six-month interval ending
January 2025, a lot lower than its 1.7% decline over
the earlier six months.

“The US LEI declined in January, reversing most of
the good points from the earlier two months,” mentioned
Justyna Zabinska-La Monica, Senior Supervisor,
Enterprise Cycle Indicators, at The Convention
Board. “Shoppers’ assessments of future enterprise
circumstances turned extra pessimistic in January,
which—alongside fewer weekly hours labored in
manufacturing—drove the month-to-month decline.
Nonetheless, manufacturing orders have virtually
stabilized after weighing closely on the Index since
2022, and the yield unfold contributed positively for
the primary time since November 2022. General, simply 4
of the LEI’s 10 elements had been destructive in
January. As well as, the LEI’s six-month and annual
development charges continued to development upward, signaling
milder obstacles to US financial exercise forward. We
at present forecast that actual GDP for the US will
increase by 2.3% in 2025, with stronger development within the
first half of the 12 months.”

The Convention Board Coincident Financial
Index® (CEI) for the US rose by 0.3% in January
2025 to 114.3 (2016=100), after additionally rising
0.3% in December 2024. Because of this, the CEI rose by
1.0% over the six-month interval between July 2024
and January 2025, near its 0.9% development over the
earlier six months. The CEI’s 4 element
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. All of them improved in January, with the most important
optimistic contribution coming from industrial
manufacturing for the second consecutive month. This
was adopted by private revenue much less switch
funds, manufacturing and commerce gross sales, and
payroll employment.

The Convention Board Lagging Financial
Index® (LAG) for the US elevated by 0.5% to 119.3
(2016=100) in January 2025, after no change in
December 2024. Because of this, the LAG’s six-month
change turned optimistic to 0.3% development for the primary
time for the reason that summer time of 2024.

Gross Home Product

Actual gross home product (GDP) elevated at an annual fee of two.3% within the fourth quarter of 2024 (October,
November,
and
December), in keeping with the second estimate launched by the U.S. Bureau of Financial Evaluation. Within the third quarter,
actual
GDP
elevated 3.1%.

The rise in actual GDP within the fourth quarter primarily mirrored will increase in client spending and authorities
spending that
had been partly offset by a lower in funding. Imports, that are a subtraction within the calculation of GDP, decreased.

Actual GDP was revised up by lower than 0.1 share level from the advance estimate launched final month, primarily
reflecting
upward revisions to authorities spending and exports that had been partly offset by downward revisions to client spending
and
funding.

Actual GDP elevated 2.8% in 2024 (from the 2023 annual degree to the 2024 annual degree), the identical as beforehand
estimated.
The
enhance in actual GDP in 2024 mirrored will increase in client spending, funding, authorities spending, and exports.
Imports
elevated.

The value index for gross home purchases elevated 2.4% in 2024, revised up 0.1 share level. The PCE value
index elevated 2.5%, the identical because the earlier estimate. Excluding meals and vitality costs, the PCE value index
elevated
2.8%,
additionally the identical because the earlier estimate.

HOUSING

Current-Dwelling Gross sales

Current-home gross sales retreated in January, in keeping with
the Nationwide Affiliation of REALTORS®. Gross sales slipped
in three main U.S. areas and held regular within the
Midwest. 12 months-over-year, gross sales rose in three areas and
had been unchanged within the South.

Complete existing-home gross sales – accomplished transactions that
embody single-family properties, townhomes, condominiums
and co-ops – descended 4.9% from December to a
seasonally adjusted annual fee of 4.08 million in January.
12 months-over-year, gross sales improved 2.0% (up from 4 million in
January 2024).

“Mortgage charges have refused to budge for a number of months
regardless of a number of rounds of short-term rate of interest cuts by the Federal Reserve,” mentioned NAR Chief Economist Lawrence
Yun.
“When
mixed with elevated residence costs, housing affordability stays a significant problem.”

“Extra housing provide permits strongly certified patrons to enter the market,” Yun added. “However for a lot of shoppers, each
elevated
stock and decrease mortgage charges are needed for them to buy a unique residence or change into first-time
householders.”

Single-family residence gross sales declined 5.2% to a seasonally adjusted annual fee of three.68 million in January, up 2.2% from
the
earlier
12 months. The median present single-family residence value was $402,000 in January, up 5.0% from January 2024.

Current condominium and co-op gross sales light 2.4% in January to a seasonally adjusted annual fee of 400,000 items,
similar to at least one
12 months in the past. The median present rental value was $349,500 in January, up 2.9% from the prior 12 months ($339,500).

Based on Freddie Mac, the 30-year fixed-rate mortgage averaged 6.85% as of February 20. That is down from 6.87% one
week
in the past and 6.90% one 12 months in the past.

Complete housing stock registered on the finish of January was 1.18 million items, up 3.5% from December and 16.8% from
one 12 months
in the past (1.01 million). Unsold stock sits at a 3.5-month provide on the present gross sales tempo, up from 3.2 months in
December and three.0
months in January 2024.

The median existing-home value for all housing varieties in January was $396,900, up 4.8% from one 12 months in the past ($378,600).
All
4
U.S. areas registered value will increase.

Based on the month-to-month REALTORS® Confidence Index, properties sometimes remained in the marketplace for 41 days in
January,
up
from 35 days in December and 36 days in January 2024.

First-time patrons had been accountable for 28% of gross sales in January, down from 31% in December 2024 and similar to
January
2024.
NAR’s 2024 Profile of Dwelling Consumers and Sellers – launched November 2024 – discovered that the annual share of first-time
patrons was
24%, the bottom ever recorded.

Regional

In January, existing-home gross sales within the Northeast waned 5.7% from December to an annual fee of 500,000, up 4.2% from
January
2024. The median value within the Northeast was $475,400, up 9.5% from one 12 months earlier.

Within the Midwest, existing-home gross sales had been unchanged in January at an annual fee of 1 million, up 5.3% from the
earlier
12 months. The
median value within the Midwest was $290,400, up 7.2% from January 2024.

Current-home gross sales within the South fell 6.2% from December to an annual fee of 1.83 million in January, similar to
one
12 months earlier than.
The median value within the South was $356,300, up 3.5% from final 12 months.

Within the West, existing-home gross sales slumped 7.4% in January to an annual fee of 750,000, up 1.4% from a 12 months in the past. The
median
value within the West was $614,200, up 7.4% from January 2024.

New Residential Gross sales

Gross sales of latest single-family homes in January 2025 had been at a seasonally adjusted annual fee of 657,000, in keeping with
estimates
launched collectively by the U.S. Census Bureau and the Division of
Housing and City Improvement. That is 10.5% under the revised
December fee of 734,000 and is 1.1% under the January 2024
estimate of 664,000.

The median gross sales value of latest homes offered in January 2025 was
$446,300 ($427,000 in December 2024). The common gross sales value
was $510,000 ($514,000 in December 2024).

The seasonally-adjusted estimate of latest homes on the market on the finish
of January was 495,000 (494,000 in December). This represents a
provide of 9.0 months on the present gross sales fee (8.5 months in
December 2024).

In comparison with January 2024 on a seasonally-adjusted foundation, gross sales
had been down 1.1% total with gross sales additionally down 48.1% within the
Northeast, down 13.6% within the Midwest, however up 6.8% within the South
and up 3.1% within the West.

Housing Begins

Privately-owned housing begins in January had been at a seasonally adjusted annual fee of 1,366,000. That is 9.8% under
the
revised
December estimate of 1,515,000 and is 0.7% under the January 2024 fee of 1,376,000.

Single-family housing begins in January had been at a fee of 993,000; that is 8.4% under the revised December determine of
1,084,000.

The January fee for items in buildings with 5 items or extra was 355,000 (418,000 in December 2024).

Single-family begins in comparison with January 2024, on a seasonally-adjusted foundation, had been down 1.8% in complete, in addition to
down
10.0% in
the South and down 23.2 within the Northeast, however up 12.0% within the West and up 23.2% within the Midwest.

Housing Completions

Privately-owned housing completions in January had been at a seasonally adjusted annual fee of 1,651,000. That is 7.6%
above the
revised December estimate of 1,534,000 and is 9.8% above the January 2024 fee of 1,504,000

Single-family housing completions in January had been at a fee of 982,000; that is 7.1% above the revised December fee
of
917,000.

The January fee for items in buildings with 5 items or extra was 652,000 (570,000 in December 2024).

Single-family completions in comparison with January 2024, on a seasonally-adjusted foundation, had been up 8.9% in complete and likewise up
10.8% in
the Midwest, 33.7% within the West, and 28.3% within the Northeast, however down 2.0% within the South.

OTHER NATIONAL

Retail Gross sales

Advance estimates of U.S. retail and meals providers gross sales for January 2025, adjusted for seasonal variation and vacation
and trading-
day variations, however not for value modifications, had been $723.9 billion, down 0.9% from the earlier month, and up 4.2% from
January
2024. Complete gross sales for the November 2024 by way of January 2025 interval had been up 4.2% from the identical interval a 12 months in the past. The
November 2024 to December 2024 p.c change was revised from up 0.4% to up 0.7%.

Retail commerce gross sales had been down 1.2% from December 2024, and up 4.0% from final 12 months. Motorcar and elements sellers had been
up 6.4%
from final 12 months, whereas meals service and ingesting locations had been up 5.4% from January 2024.

Gross sales at furnishings and residential furnishings shops had been down 1.7% in January 2025 from December 2024 on a
seasonally-adjusted
foundation, however up 3.7% from January 2024.

Client Costs

The Client Value Index for All City Shoppers (CPI-U) elevated 0.5% on a seasonally adjusted foundation in January,
after
rising
0.4% in December, the U.S. Bureau of Labor Statistics reported. During the last 12 months, the all-items index elevated
3.0% earlier than
seasonal adjustment.

The index for shelter rose 0.4% in January, accounting for practically 30% of the month-to-month all-items enhance. The vitality
index rose
1.1% over the month, because the gasoline index elevated 1.8%. The index for meals additionally elevated in January, rising 0.4%
as
the index
for meals at residence rose 0.5% and the index for meals away from residence elevated 0.2%.

The index for all-items much less meals and vitality rose 0.4% in January. Indexes that elevated over the month embody motor
automobile
insurance coverage, recreation, used automobiles and vans, medical care, communication, and airline fares. The indexes for attire,
private care,
and family furnishings and operations had been among the many few main indexes that decreased in January.

The all-items index rose 3.0% for the 12 months ending January, after rising 2.9% over the 12 months ending December.
The all-
gadgets much less meals and vitality index rose 3.3% during the last 12 months. The vitality index elevated 1.0% for the 12 months
ending
January. The meals index elevated 2.5% during the last 12 months.

Employment

Complete nonfarm payroll employment rose by 143,000 in January, and the unemployment fee edged right down to 4.0%, the U.S.
Bureau
of Labor Statistics reported. Job good points occurred in well being care, retail commerce, and social help. Employment
declined within the
mining, quarrying, and oil and gasoline extraction business.

The unemployment fee edged right down to 4.0% in January, after accounting for the annual changes to the inhabitants
controls.
The variety of unemployed individuals, at 6.8 million, modified little over the month.

Sturdy Items Orders and Manufacturing facility Shipments

New orders for manufactured sturdy items in December, down 4 of the final 5 months, decreased $6.2 billion or
2.2%
to
$276.1 billion, unchanged from the beforehand printed lower. This adopted a 2.0% November lower.
Transportation
tools, additionally down 4 of the final 5 months, drove the lower, $6.9 billion or 7.4% to $86.1 billion. New
orders
for
manufactured nondurable items elevated $1.0 billion or 0.3% to $302.4 billion.

Shipments of manufactured sturdy items in December, up following 4 consecutive month-to-month decreases, elevated $2.7
billion or
0.9% to $287.3 billion, unchanged from the beforehand printed enhance.

This adopted a 0.3% November lower. Transportation tools, additionally up following 4 consecutive month-to-month
decreases,
led
the rise, $2.6 billion or 2.8% to $93.3 billion. Shipments of manufactured nondurable items, up three consecutive
months,
elevated $1.0 billion or 0.3% to $302.4 billion. This adopted a 0.4% November enhance. Petroleum and coal merchandise,
additionally up
three consecutive months, led the rise, $0.5 billion or 0.7% to $63.1 billion.

On a seasonally-adjusted foundation, shipments for furnishings and associated merchandise had been down 0.9% in comparison with the prior
month,
whereas
new orders had been additionally down 0.5%. On a non-adjusted foundation, 12 months up to now shipments for furnishings and associated merchandise
had been
up 0.7%
in comparison with the prior 12 months, whereas 12 months up to now new orders had been up 1.3%.

Government Abstract

New orders had been up 1% in December 2024 in comparison with December 2023. 12 months up to now by way of December 2024, new orders had been
once more down 1% in comparison with 2023. New orders had been down 15% in comparison with the prior month of November 2024, which appears to
embody some seasonality as a result of December vacation break (was down 22% month over month final 12 months).

December 2024 shipments had been down 2% from December 2023, and down 7% from November 2024. 12 months up to now by way of December
2024, shipments had been down 6% from 2023.

December 2024 backlogs had been down 8% in comparison with December 2023, and down 2% from November 2024.

Receivable ranges had been up 1% from October 2024, however down 4% from November 2023, each of that are materially in line
with the respective cargo developments.

Inventories and worker/payroll ranges are once more materially according to latest months (although December payroll was
down from November as a consequence of holidays), however down from 2023, indicating that firms have aligned ranges to match
present
operations.

Nationwide

Client Confidence

The Convention Board Client Confidence Index® declined by 7.0 factors in February to 98.3 (1985=100)

The Current Scenario Index—based mostly on shoppers’ evaluation of present enterprise and labor market circumstances—fell 3.4
factors to 136.5.

The Expectations Index—based mostly on shoppers’ short-term outlook for revenue, enterprise, and labor market
circumstances—dropped
9.3 factors to 72.9.

For the primary time since June 2024, the Expectations Index was under the brink of 80 that normally indicators a
recession forward. The cutoff date for preliminary outcomes was February 19, 2025. “In February, client confidence
registered the most important month-to-month decline since August 2021,” mentioned Stephanie Guichard, Senior Economist, World
Indicators
at The Convention Board. “That is the third consecutive month on month decline, bringing the Index to the underside of
the
vary that has prevailed since 2022. Of the 5 elements of the Index, solely shoppers’ evaluation of current
enterprise
circumstances improved, albeit barely. Views of present labor market circumstances weakened. Shoppers turned pessimistic
about future enterprise circumstances and fewer optimistic about future revenue. Pessimism about future employment prospects
worsened and reached a ten-month excessive.”

On a six-month transferring common foundation, buying plans for properties continued to get better, doubtless supported by the very
latest decline in mortgage charges. Then again, shopping for plans for automobiles and big-ticket gadgets had been down, with
notable
declines for TVs and electronics. Shoppers’ total intentions to buy extra providers within the months forward
had been
modified little, however their priorities shifted barely: private and well being care, in addition to motion pictures and dwell
leisure, moved up the precedence record, on the expense of streaming and journey. Trip plans continued to development
downward.

Housing

Current-home gross sales retreated in January, in keeping with the Nationwide Affiliation of REALTORS®. Gross sales slipped in three
main U.S. areas and held regular within the Midwest. 12 months-over-year, gross sales rose in three areas and had been unchanged in
the
South.

Complete existing-home gross sales – accomplished transactions that embody single-family properties, townhomes, condominiums and
co-ops
– descended 4.9% from December to a seasonally adjusted annual fee of 4.08 million in January. 12 months-over-year, gross sales
improved 2.0% (up from 4 million in January 2024).

Single-family residence gross sales declined 5.2% to a seasonally adjusted annual fee of three.68 million in January, up 2.2% from
the
earlier 12 months. The median present single-family residence value was $402,000 in January, up 5.0% from January 2024.

Current condominium and co-op gross sales light 2.4% in January to a seasonally adjusted annual fee of 400,000 items,
similar to at least one 12 months in the past. The median present rental value was $349,500 in January, up 2.9% from the prior 12 months
($339,500).

Based on Freddie Mac, the 30-year fixed-rate mortgage averaged 6.85% as of February 20. That’s down from 6.87% one
week in the past and 6.90% one 12 months in the past.

Gross sales of latest single-family homes in January 2025 had been at a seasonally adjusted annual fee of 657,000, in keeping with
estimates launched collectively by the U.S. Census Bureau and the Division of Housing and City Improvement. That is
10.5%
under the revised December fee of 734,000 and is 1.1% under the January 2024 estimate of 664,000.

In comparison with January 2024 on a seasonally-adjusted foundation, gross sales had been down 1.1% total with gross sales additionally down 48.1% in
the
Northeast, down 13.6% within the Midwest, however up 6.8% within the South and up 3.1% within the West.

Different

Actual gross home product (GDP) elevated at an annual fee of two.3% within the fourth quarter of 2024 (October,
November,
and December), in keeping with the advance estimate launched by the U.S. Bureau of Financial Evaluation. Within the third
quarter,
actual GDP elevated 3.1%. The rise in actual GDP primarily mirrored will increase in client spending, exports,
nonresidential fastened funding, and federal authorities spending. Imports elevated.

Actual GDP elevated 2.8% in 2024 (from the 2023 annual degree to the 2024 annual degree), in contrast with a rise of
2.9%
in 2023. The rise in actual GDP in 2024 mirrored will increase in client spending, funding, authorities spending,
and
exports. Imports elevated.

Gross sales at furnishings and residential furnishings shops had been up 2.3% in December 2024 from November 2024 on a
seasonally-adjusted
foundation, and up 8.4% from December 2023. Nonetheless, gross sales had been nonetheless down 2.2% for 12 months up to now December 2024 in comparison with
the identical interval for 2023 on an unadjusted foundation (had been down 3.3% YTD November 2024).

Ideas

Tariffs definitely dominated the information and conversations final month, and as of press time, we once more discover ourselves
ready
on Tuesday’s announcement to listen to precisely what degree of tariffs will in the end go into impact for Canada, Mexico, and
China, with the looming menace of probably others being added sooner or later.

Whereas the housing information was blended, client confidence actually took a success this month, so it is going to be fascinating to see
whether or not that is the beginning of a permanent development or hopefully only a momentary blip that can reverse itself as soon as a lot
the
present uncertainty is resolved.

And the furnishings business does appear to be gaining a bit of momentum based mostly upon latest business stories,
year-over-year
retail information, in addition to our personal survey’s modest enhance in new orders this month. Nonetheless, it stays to be seen the
extent these financial insurance policies could have on the 2025 outlook for the business and past.

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

Agency Profile: Based in 1930 by BDO Seidman, LLP, the Excessive Level, North
Carolina observe was not too long ago acquired by 4 people who’ve spent
nearly all of their 100+ 12 months careers constructing the present observe.
Starting January 1, 2007, Smith Leonard PLLC turned an impartial 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 providers firms with home areas all through North Carolina,
Virginia, South Carolina and Texas.

Smith Leonard has an in depth community of worldwide relationships that
helps service their purchasers’ wants all through the world with areas
in Asia, Europe, South America, Mexico and Canada. These firms vary in
income dimension of $2 million to $300 million.

Apply Focus – Nearly all of the shopper base consists
of producing and distribution firms.

A lot of its purchasers are both furnishings producers, distributors or
suppliers to the furnishings business. Smith Leonard additionally providers firms
in retail, transportation, insurance coverage, not-for-profit entities and worker
profit plans. Smith Leonard gives a full vary of accounting and
consulting providers together with audits, compilations, opinions, tax planning
and compliance. The companions and employees of Smith Leonard additionally assists purchasers
in mergers, acquisitions, enterprise consulting, money circulation projections, and
tax outsourcing. Particular person purchasers profit from in depth expertise in
household wealth providers together with property tax planning.

The agency continues to provide month-to-month and annual statistics for the
furnishings business. For extra data name (336) 883-018 or
e-Mail: [email protected].