Economic slowdown affecting the, USA office furniture industry radically

Weak demand, rising office vacancies and aggressive corporate downsizing over the last few months of 2008 have hurt the office furniture makers in the United States radically. The second quarter of 2008 in particular is struck severely as these months saw office furniture orders and shipments fall Evidently, reflecting some of the worst figures in years. "Industry data for the month of November was very miserable," said Longbow Research analyst Mark Rupe. In November, orders dropped 21 percent and shipments fell 9 percent, according to the Business and Institutional Furniture Manufacturers Association. Orders had dropped 6 percent in October and 2 percent in September, while they rose 1 percent in August. "It is definitely the worst quarter of 2008," said Rupe. There appears to be no breather for office furniture makers even as they wrap up the dismal calendar year. "There will be quarters in 2009 that will be worse than the fourth quarter," said Rupe. The manufacturers' group expects 2009 orders and shipments to fall 13.1 percent and 11.6 percent, respectively. "I would expect that business would get worse before it gets better," Mark Rupe said. http://www.homefurniture.com.cn/news.htm
(Source: Reuters)