Furniture/Furnishings Weekly
In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers. Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500. The January statistics follow a strong December of 333,000. The BLS monthly hiring stats were backed up by the Job Openings and Labor Turnover Summary (JOLTS), which ticked up in December, the latest available datapoint. Strong hiring puts money in consumers’ pockets. The economic sages warn that it also postpones lower interest rates. A Dow Jones newswire piece on February 1 reiterated a point articulated by the WTR team many times that aggregate demand in the furniture/furnishings space has likely bottomed, but the timing of a rebound is uncertain. Kudos to Steelcase for being recognized by Fortune Magazine as one of the 2024 World’s Most Admired Companies. It is the 18th year Steelcase has received the honor. The list includes Apple, Amazon, JP Morgan Chase, Walt Disney, Microsoft, and Starbucks. Heady company, indeed. Steelcase is, again, first in the Home Equipment and Furnishings category.
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