Economic activity in the manufacturing sector for the U.S. expanded in May for the third consecutive month, according to the Institute for Supply Management.
In April, wood product manufacturers reported the strongest growth of all manufacturing industries. The wood products industry led the manufacturing sector in terms of production growth and new orders for export while the furniture industry reported a decline in May, according to the institute’s survey.
New furniture orders in the first quarter of 2016 were slightly less than the first quarter in 2015, according to latest Smith Leonhard survey of residential furniture manufacturers and distributors. Furniture shipments were up in the first quarter, but the latest retail figures from the Census Bureau show a decline in furniture store sales from March to April.