HIGH POINT -- New factory orders in July were 4% above July 2011, and are up 4% year-to-date, according to the latest Smith Leonard survey of residential furniture manufacturers and distributors.
The July increase came on the heels of a 3% increase in June.
Ken Smith, managing partner of the accounting and consulting firm, said the latest increases were in line with expectations, and he doesn't believe that pattern will change in the near future.
"From what we have gathered, we do not expect the August results to be significantly different than the last few months," Smith wrote in the firm's monthly Furniture Insights newsletter.
He said he's encouraged by recent upticks in consumer confidence and the housing markets, but is concerned about gasoline prices.
"We think we may see a bit more improvement after all the negative political stuff is gone and we have a clue what we will be dealing with the next four years," he wrote.
The survey showed that July shipments were 3% above July 2011, and were up 8% year-to-date, while July inventories were 11% higher than July 2011.
