MONTHLY RESULTS 

New Orders

In accordance with our newest survey of residential furnishings producers and
distributors, new orders rose 26% in November 2023 in comparison with November 2022.
Whereas there may be appreciable “noise” behind these numbers (together with the impression
of basic inflation and container fee fluctuations to call simply two), this
does mark the seventh straight month orders have grown double-digit percentages
over the prior yr, so there does seem like some traction. Two-thirds of
the members reported elevated orders in November 2023 in comparison with a yr
in the past. Yr thus far, new orders had been up 4% over the identical interval of 2022, although
2022-to-date orders had been down 34% over the identical interval of 2021.

Shipments and Backlogs

Shipments in November 2023 had been down 16% from November 2022, which had been up 1%
from November 2021. Shipments in November 2023 had been down for two-thirds of the
members in comparison with November 2022. Yr thus far, shipments had been down 17%
over the primary 11 months of 2022. So regardless of current enhancements in new
orders, traits proceed to be affected by many corporations transport from their
traditionally excessive backlogs by way of a lot of 2022. Accordingly, November 2023
backlogs had been up a modest 3% from October 2023, however down 35% in comparison with
November 2022.

Receivables and Inventories

Receivable ranges had been up 5% from October, which can be a results of timing
points across the holidays or extra slow-paying prospects on common, given the
slight lower in shipments. Receivable ranges had been down 13% from November
2022, which is materially in step with the year-to-date decline in shipments.

Inventories had been flat in October 2023 and had been down 29% from November 2022
(per 35% decline in backlogs), indicating that the majority corporations have
rebalanced their stock ranges to match present operations.

Manufacturing facility and Warehouse Workers and Payroll

The variety of manufacturing facility and warehouse workers was down 6% from November a yr
in the past and flat with October 2023, once more indicating most corporations have
right-sized their groups, although most are nonetheless keen so as to add good folks when
out there.

NATIONAL

Shopper Confidence

The Convention Board Shopper Confidence Index® rose in January to 114.8, up
from a revised 108.0 in December. The studying was the best since December
2021, and marked the third straight month-to-month improve. The Current State of affairs
Index—primarily based on customers’ evaluation of present enterprise and labor market
situations—surged to 161.3 from 147.2 final month. The Expectations Index—primarily based
on customers’ short-term outlook for revenue, enterprise, and labor market
situations—improved to 83.8 in January, up from a revised studying of 81.9 in
December.

“January’s improve in shopper confidence seemingly mirrored slower inflation,
anticipation of decrease rates of interest forward, and usually favorable employment
situations as corporations proceed to hoard labor,” mentioned Dana Peterson, Chief
Economist at The Convention Board. “The acquire was seen throughout all age teams,
however largest for customers 55 and over. Likewise, confidence improved for all
incomes teams besides the very high; solely households incomes $125,000+ noticed a
slight dip. January’s write-in responses revealed that buyers stay
involved about rising costs though inflation expectations fell to a
three-year low. Shopping for plans dipped in January, however customers continued to
fee their revenue and private funds favorably at present and over the following
six months. Customers’ Perceived Probability of a US Recession over the Subsequent 12
Months continued to progressively ease in January, per an Expectations
Index rising above 80.”

Peterson added: “Assessments of the current state of affairs rose in January, buoyed
by extra constructive views of enterprise situations and the employment state of affairs.
Moreover, when requested to evaluate their present household monetary situations (a
measure not included in calculating the Current State of affairs Index), the
proportion reporting ‘good’ elevated whereas these saying ‘dangerous’ fell. This
suggests customers are beginning off the yr in good spirits about their
present funds.”

“Shopper expectations for the following six months elevated barely in January,
on account of receding pessimism round future enterprise situations, labor market, and
revenue prospects. Expectations that rates of interest will rise within the yr forward
plummeted to simply 41.5%. Customers anticipating inventory costs to be increased within the
yr forward retreated barely after surging in December however remained close to
three- yr highs. Common 12-month inflation expectations fell to five.2%, the
lowest since March 2020 (4.5%). Customers’ views of their anticipated household
monetary state of affairs, six months therefore (not included in calculating the
Expectations Index) had been barely extra tempered in January however remained on internet
optimistic. On a month-to- month and six-month foundation, shopping for plans for autos,
properties, and big- ticket home equipment declined barely for all three classes.”

Current State of affairs
Customers’ evaluation of present enterprise situations was extra constructive in
January.

• 
  22.5% of customers mentioned enterprise situations had been “good,” up from 21.1% in
  December.
• 14.2% mentioned enterprise situations had been “dangerous,” down from 17.2%

Customers’ appraisal of the labor market was additionally extra constructive in January.

• 
  45.5% of customers mentioned jobs had been “plentiful,” up from 40.4% in December.
• 9.8% of customers mentioned jobs had been “arduous to get,” down from 13.1%

Expectations Six Months Therefore

Customers had been, on stability, barely much less optimistic in regards to the short-term
enterprise situations outlook in January.

• 
  16.6% of customers anticipate enterprise situations to enhance, down from 18.7% in
  December.
• 
  Nevertheless, solely 16.0% anticipate enterprise situations to worsen, down from 17.8%

Customers’ evaluation of the short-term labor market outlook was barely much less
pessimistic in January.

• 
  16.0% of customers anticipate extra jobs to be out there, down from 17.6% in
  December
• 15.3% anticipate fewer jobs, down from 18.4%.

Customers’ evaluation of their short-term revenue prospects was, on stability,
much less pessimistic in January.

• 
  16.4% of customers anticipate their incomes to extend, down from 18.3% in
  December.
• 11.5% anticipate their incomes to lower, down from 13.6%.

Evaluation of Household Funds and Recession Threat

• 
  Customers’ evaluation of their Household’s Present Monetary State of affairs was extra
  constructive in January
• 
  Customers remained optimistic in ranking their Household’s Anticipated Monetary
  State of affairs, Six Months Therefore.
• 
  Customers’ Perceived Probability of a US Recession over the Subsequent 12 Months
  continued to abate in January.

Main Financial Indicators

The Convention Board Main Financial Index® (LEI) for the U.S. fell by 0.1%
in December 2023 to 103.1 (2016=100), following a 0.5% decline in November.
The LEI contracted by 2.9% over the six-month interval between June and December
2023, a smaller lower than its 4.3% contraction over the earlier six
months.

“The US LEI fell barely in December, persevering with to sign underlying
weak point within the US financial system,” mentioned Justyna Zabinska-La Monica, Senior Supervisor,
Enterprise Cycle Indicators, at The Convention Board. “Regardless of the general
decline, six out of ten main indicators made constructive contributions to the
LEI in December. Nonetheless, these enhancements had been greater than offset by weak
situations in manufacturing, the excessive interest-rate surroundings, and low
shopper confidence. Because the magnitude of month-to-month declines has lessened, the
LEI’s six-month and twelve-month progress charges have turned upward however stay
damaging, persevering with to sign the danger of recession forward. Total, we anticipate
GDP progress to show damaging in Q2 and Q3 of 2024 however start to get better late in
the yr.

The Convention Board Coincident Financial Index®(CEI) for the U.S. rose by 0.2%
in December 2023 to 111.7 (2016=100), following a 0.2% improve in November.
The CEI expanded by 1.1% over the second half of 2023, up from its 0.8% progress
fee over the primary half of 2023. The CEI’s element indicators—payroll
employment, private revenue much less switch funds, manufacturing and commerce
gross sales, and industrial manufacturing—are included among the many knowledge used to find out
recessions within the US. All 4 parts of the index had been constructive in
December, with private revenue much less switch funds persevering with to be the
strongest contributor, adopted by a lot smaller constructive contributions from
the remaining three parts.

The Convention Board Lagging Financial Index® (LAG) for the U.S. declined by
0.2% in December 2023 to 118.4 (2016 = 100), partially reversing a rise
of 0.5% in November. The LAG is up by 0.6% over the six-month interval from June
to December 2023, following no change over the earlier six months.

Gross Home Product

Actual gross home product (GDP) elevated at an annual fee of three.3% within the
fourth quarter of 2023, in accordance with the “advance” estimate launched by the
Bureau of Financial Evaluation. Within the third quarter, actual GDP elevated 4.9%

The rise in actual GDP mirrored will increase in shopper spending, exports,
state and native authorities spending, nonresidential mounted funding, federal
authorities spending, personal stock funding, and residential mounted
funding. Imports, that are a subtraction within the calculation of GDP,
elevated.

The rise in shopper spending mirrored will increase in each companies and
items. Inside companies, the main contributors had been meals companies and
lodging in addition to well being care. Inside items, the main contributors
to the rise had been different nondurable items (led by pharmaceutical merchandise)
and leisure items and autos (led by pc software program).

In comparison with the third quarter of 2023, the deceleration in actual GDP within the
fourth quarter primarily mirrored slowdowns in personal stock funding,
federal authorities spending, residential mounted funding, and shopper
spending. Imports decelerated

HOUSING

Present-House Gross sales

Present-home gross sales retreated in December, in accordance with the Nationwide
Affiliation of REALTORS®. Among the many 4 main U.S. areas, gross sales slipped in
the Midwest and South, rose within the West and had been unchanged within the Northeast.
All 4 areas skilled year-over-year gross sales decreases.

On an annual foundation, existing-home gross sales (4.09 million) dropped to the bottom
degree since 1995, whereas the median value reached a report excessive of $389,800 in
2023.

Whole existing-home gross sales accomplished transactions that embrace single-family
properties, townhomes, condominiums and co-ops – decreased 1.0% from November to a
seasonally adjusted annual fee of three.78 million in December. Yr-over-year,
gross sales declined 6.2% (down from 4.03 million in December 2022).

Single-family residence gross sales edged decrease to a seasonally adjusted annual fee of
3.4 million in December, down 0.3% from 3.41 million in November and 6.1% from
the earlier yr. The median current single-family residence value was $387,000
in December, up 4.0% from December 2022.

Present condominium and co-op gross sales recorded a seasonally adjusted annual
fee of 380,000 models in December, down 7.3% from November and one yr in the past
(each 410,000 models). The median current apartment value was $343,800 in
December, up 8.2% from the earlier yr ($317,700).

“The most recent month’s gross sales look to be the underside earlier than inevitably turning
increased within the new yr,” mentioned NAR Chief Economist Lawrence Yun. “Mortgage
charges are meaningfully decrease in comparison with simply two months in the past, and extra
stock is predicted to seem in the marketplace in upcoming months.

In accordance with Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of
January 18. That is down from 6.66% the prior week however up from 6.15% one yr
in the past.

Whole housing stock registered on the finish of December was 1 million models,
down 11.5% from November however up 4.2% from one yr in the past (960,000). Unsold
stock sits at a 3.2-month provide on the present gross sales tempo, down from 3.5
months in November however up from 2.9 months in December 2022.

The median existing-home value for all housing varieties in December was $382,600,
a rise of 4.4% from December 2022 ($366,500). All 4 U.S. areas
posted value will increase.

“Regardless of sluggish residence gross sales, 85 million homeowning households loved additional
features in housing wealth,” Yun added. “Clearly, the current, speedy three-year
rise in residence costs is unsustainable. If value will increase proceed on the
present tempo, the nation may speed up into haves and have-nots. Creating
a path in the direction of homeownership for in the present day’s renters is crucial. It requires
financial and revenue progress and, most significantly, a gentle buildup of residence
building.”

First-time patrons had been liable for 29% of gross sales in December, down from 31%
in November 2023 and December 2022. NAR’s 2023
Profile of House Consumers and Sellers
– launched in November 2023 4 – discovered that the annual share of first-time
patrons was 32%.

Regional

At 470,000 models, existing-home gross sales within the Northeast had been unchanged from
November however down 9.6% from December 2022. The median value within the Northeast
was $428,100, up 9.4% from the earlier yr

Within the Midwest, existing-home gross sales retracted 4.3% from the prior month to an
annual fee of 900,000 in December, down 10.9% from final yr. The median
value within the Midwest was $275,600, up 5.9% from December 2022.

Present-home gross sales within the South descended 2.8% from November to an annual
fee of 1.72 million in December, a lower of 4.4% from the prior yr. The
median value within the South was $352,100, up 3.8% from one yr in the past.

Within the West, existing-home gross sales grew 7.8% from a month in the past to an annual fee
of 690,000 in December however had been down 1.4% from one yr earlier than. The median
value within the West was $582,000, up 4.8% from December 2022.

New Residential Gross sales

Gross sales of latest single‐household homes in December 2023 had been at a seasonally
adjusted annual fee of 664,000, in accordance with estimates launched collectively by
the U.S. Census Bureau and the Division of Housing and City Improvement.
That is 8.0% above the revised November fee of 615,000 and is 4.4% above the
December 2022 estimate of 636,000.

The median gross sales value of latest homes bought in December 2023 was $413,200. The
common gross sales value was $487,300.

The seasonally adjusted estimate for brand new homes on the market on the finish of
December was 453,000. This represents a provide of 8.2 months on the present
gross sales fee.

In comparison with December 2022, gross sales had been up 4.4% general with gross sales up 3.7% in
the South, 6.0% within the Midwest, and seven.6% within the West with gross sales down 2.9% in
the Northeast.

Housing Begins

Privately‐owned housing begins in December had been at a seasonally adjusted
annual fee of 1,460,000. That is 4.3% beneath the revised November estimate of
1,525,000, however is 7.6% above the December 2022 fee of 1,357,000.

Single‐household housing begins in December had been at a fee of 1,027,000; that is
8.6% beneath the revised November determine of 1,124,000 and up 7.6% above December
2022.

An estimated 1,413,100 housing models had been began in 2023. That is 9.0% beneath
the 2022 determine of 1,552,600.

Single-family begins in comparison with December 2022 had been up 10.2% within the South,
46.1% within the Midwest, 21.2% within the West and down 46.8% within the Northeast

Housing Completions

Privately‐owned housing completions in December had been at a seasonally adjusted
annual fee of 1,574,000. That is 8.7% above the revised November estimate of
1,448,000 and is 13.2% above the December 2022 fee of 1,390,000.
Single‐household housing completions in December had been at a fee of 1,056,000;
that is 8.4% above the revised November fee of 974,000.

An estimated 1,452,500 housing models had been accomplished in 2023. That is 4.5%
above the 2022 determine of 1,390,500.

Single-family completions in comparison with December 2022 had been up 13.2% in complete and
additionally up 18.0% within the South, 7.0% within the Midwest, 3.7% within the West, and 18.3%
within the Northeast.

OTHER NATIONAL

Retail Gross sales

Advance estimates of U.S. retail and meals companies gross sales for December 2023,
adjusted for seasonal variation and vacation and trading-day variations, however
not for value modifications, had been $709.9 billion, up 0.6% from the earlier month,
and up 5.6% above December 2022. Whole gross sales for the 12 months of 2023 had been up
3.2% from 2022. Whole gross sales for the October 2023 by way of December 2023 interval
had been up 3.9% from the identical interval a yr in the past.

Retail commerce gross sales had been up 0.6% from November 2023, and up 4.8% above final
yr. Nonstore retailers had been up 9.7% from final yr, whereas meals companies and
consuming locations had been up 11.1% from December 2022.

Gross sales at furnishings and residential furnishings shops in December had been down 4.6% from
December 2022 and down 5.4% yr thus far.

Shopper Costs

The Shopper Value Index for All City Customers (CPI-U) elevated 0.3% in
December on a seasonally adjusted foundation, after rising 0.1% in November, the
U.S. Bureau of Labor Statistics reported. During the last 12 months, the
all-items index elevated 3.4% earlier than seasonal adjustment.

The index for shelter continued to rise in December, contributing over half of
the month-to-month all-items improve. The vitality index rose 0.4% over the month as
will increase within the electrical energy index and the gasoline index greater than offset a
lower within the pure fuel index. The meals index elevated 0.2% in December,
because it did in November. The index for meals at residence elevated 0.1% over the
month and the index for meals away from residence rose 0.3%.

The index for all-items much less meals and vitality rose 0.3% in December, the identical
month-to-month improve as in November. Indexes which elevated in December embrace
shelter, motorcar insurance coverage, and medical care. The index for family
furnishings and operations and the index for private care had been amongst these
that decreased over the month.

The index for all objects much less meals and vitality rose 0.3% in November, after
rising 0.2% in October. Indexes which elevated in November embrace lease,
homeowners’ equal lease, medical care, and motorcar insurance coverage. The
indexes for attire, family furnishings and operations, communication, and
recreation had been amongst those who decreased over the month.

The all-items index rose 3.4% for the 12 months ending December, a bigger
improve than the three.1% improve for the 12 months ending November. The
all-items much less meals and vitality index rose 3.9% over the past 12 months, after
rising 4.0% over the 12 months ending November. The vitality index decreased
2.0% for the 12 months ending December, whereas the meals index elevated 2.7%
over the past yr.

Employment

Whole nonfarm payroll employment elevated by 216,000 in December, and the
unemployment fee was unchanged at 3.7%, the U.S. Bureau of Labor Statistics
reported. Employment continued to development up in authorities, well being care, social
help, and building, whereas transportation and warehousing misplaced jobs.

The unemployment fee held at 3.7% in December, and the variety of unemployed
individuals was primarily unchanged at 6.3 million. These measures are increased
than a yr earlier, when the jobless fee was 3.5% and the variety of
unemployed individuals was 5.7 million.

Sturdy Items Orders and Manufacturing facility Shipments

New orders for manufactured sturdy items in December, up three of the final
4 months, elevated $0.1 billion or just about unchanged to $295.6 billion,
the U.S. Census Bureau introduced in the present day. This adopted a 5.5% November
improve. Excluding transportation, new orders elevated 0.6%. Excluding
protection, new orders elevated 0.5%. Major metals, additionally up three of the final
4 months, drove the rise, $0.4 billion or 1.4% to $27.1 billion.

Shipments of manufactured sturdy items in December, down three of the final
4 months, decreased $0.9 billion or 0.3% to $282.2 billion. This adopted a
1.0% November improve. Transportation tools, additionally down three of the final
4 months, led the lower, $0.7 billion or 0.8% to $89.5 billion.

Government Abstract

Initially, I’d prefer to thank Ken Smith for his dedication and repair to
the furnishings business through the years, together with this very week serving to to
present for a easy transition with the e-newsletter. Ken has been a long-time
good friend and mentor to many people each inside the business and right here at Smith
Leonard and his impression can’t be overstated. I’m privileged and humbled to
comply with behind one of many greats with the help of our nice Smith Leonard
workforce and our numerous mixed years of expertise serving the furnishings and
associated industries. With that mentioned, let’s get right down to enterprise lets.

New orders rose 26% in November 2023 in comparison with November 2022, which marks
the seventh straight month orders have grown double-digit percentages over the
prior yr. Yr thus far, new orders had been up 4% over the identical interval of 2022,
although 2022-to-date orders had been down 34% over the identical interval of 2021. As
we’ve said beforehand, comparisons to prior years have been troublesome on account of
the unprecedented circumstances impacting the business since mid-2020, however
that does appear to be normalizing, even when nonetheless not on the ranges we’d want.

Shipments in November 2023 had been down 16% from November 2022, which had been up 1%
from November 2021. Yr thus far, 2023 shipments had been down 17% over the primary
11 months of 2022. So regardless of current enchancment in month-to-month new orders, annual
traits proceed to be affected by many corporations transport from their
traditionally excessive backlogs by way of a lot of 2022. Accordingly, November 2023
backlogs had been up a modest 3% from October 2023, however down 35% in comparison with
November 2022.

Receivable ranges had been up 5% from October, which can be a results of timing
given the slight lower in shipments. Receivable ranges had been down 13% from
November 2022, which is materially in step with the year-to-date decline in
shipments.

Inventories and worker ranges had been materially in step with October 2023, however
down from November 2022, indicating that corporations have considerably completed
adjusting ranges to match present operations.

Nationwide

Shopper Confidence

The Convention Board Shopper Confidence Index® rose in January to 114.8, up
from a revised 108.0 in December. The studying was the best since December
2021, and marked the third straight month-to-month improve. The Current State of affairs
Index surged to 161.3 from 147.2 final month. The Expectations Index improved
to 83.8 in January, up from a revised studying of 81.9 in December.

“January’s improve in shopper confidence seemingly mirrored slower inflation,
anticipation of decrease rates of interest forward, and usually favorable employment
situations as corporations proceed to hoard labor,” mentioned Dana Peterson, Chief
Economist at The Convention Board. Customers’ Perceived Probability of a US
Recession over the Subsequent 12 Months continued to progressively ease in January,
per an Expectations Index rising above 80.”

Peterson added: “Assessments of the current state of affairs rose in January, buoyed
by extra constructive views of enterprise situations and the employment state of affairs.
Moreover, when requested to evaluate their present household monetary situations (a
measure not included in calculating the Current State of affairs Index), the
proportion reporting ‘good’ elevated whereas these saying ‘dangerous’ fell. This
suggests customers are beginning off the yr in good spirits about their
present funds.”

Nevertheless, on a month-to-month and six-month foundation, shopping for plans for autos,
properties, and big-ticket home equipment declined barely for all three classes.

Housing

Present residence gross sales retreated in December. Among the many 4 main U.S. areas,
gross sales slipped within the Midwest and South, rose within the West, and had been unchanged
within the Northeast. All 4 areas skilled year-over-year gross sales decreases.

Whole current residence gross sales decreased 1.0% from November to a seasonally
adjusted annual fee of three.78 million in December. Yr-over-year, gross sales
declined 6.2%.

Single-family residence gross sales edged decrease to a seasonally adjusted annual fee of
3.4 million in December, down 0.3% from 3.41 million in November and 6.1% from
the earlier yr. The median current single-family residence value was $387,000
in December, up 4.0% from December 2022.

In accordance with Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of
January 18. That’s down from 6.66% the prior week however up from 6.15% one yr
in the past.

Gross sales of latest single‐household homes in December 2023 had been at a seasonally
adjusted annual fee of 664,000, which is 8.0% above the revised November fee
of 615,000 and is 4.4% above the December 2022 estimate of 636,000. In contrast
to December 2022, gross sales had been up 4.4% general with gross sales up 3.7% within the South,
6.0% within the Midwest, and seven.6% within the West with gross sales down 2.9% within the
Northeast.

Different

Actual gross home product (GDP) elevated at an annual fee of three.3% within the
fourth quarter of 2023, in accordance with the “advance” estimate launched by the
Bureau of Financial Evaluation. Within the third quarter, actual GDP elevated 4.9%.

Advance estimates of U.S. retail and meals companies gross sales for December 2023,
had been up 0.6% from the earlier month, and up 5.6% above December 2022. Whole
gross sales for the 12 months of 2023 had been up 3.2% from 2022. Whole gross sales for the
October 2023 by way of December 2023 interval had been up 3.9% from the identical interval a
yr in the past.

Gross sales at furnishings and residential furnishings shops in December had been down 4.6% from
December 2022 and down 5.4% yr thus far.

The Shopper Value Index for All City Customers elevated 0.3% in December on
a seasonally adjusted foundation, after rising 0.1% in November. During the last 12
months, the all-items index elevated 3.4% earlier than seasonal adjustment. The
index for shelter continued to rise in December, contributing over half of the
month-to-month all-items improve. The vitality index rose 0.4% over the month as
will increase within the electrical energy index and the gasoline index greater than offset a
lower within the pure fuel index.

Ideas

The overall financial indicators in addition to our month-to-month stats proceed to
present blended outcomes and accordingly, blended expectations for 2024. Total
shopper confidence is trending in a constructive path, although housing
stays pretty stagnant. Different components, resembling inflation, provide chain, inventory
market efficiency (although maybe overvalued), and employment knowledge are additionally
favorable or a minimum of manageable. On the flip facet, there are worldwide
and election issues to think about.

Maybe the anticipated fee cuts in 2024 (Fed assembly as of publication),
coupled with bettering confidence, will stimulate progress in housing which
drives furnishings gross sales. Nevertheless, it appears fee cuts could also be gradual to materialize
because the Fed is ready to work methodically, with the financial system adequately shuffling
alongside.

The Convention Board nonetheless suggests there will probably be a brief recession in the course of the
center of 2024 (Q2-Q3) earlier than recovering late within the yr. If not already
feeling it, everyone knows that furnishings tends to be one of many first to really feel
the results of a recession and one of many final to get better.

So, whereas new orders are trending positively year-over-year, most of the
corporations we converse with have seemingly adjusted to working on the “outdated
regular” (that means again to 2019 volumes). Nevertheless by way of gradual implementation
and holding of value will increase, coupled with manageable price inflation as of
late, many have seen constant or improved gross income regardless of flat or
declining income (as adjusted for inflation). Typically, upholstery
(significantly customized) seems to be stronger than case items and high-end
stronger than low-end items, although there are at all times exceptions.

With extra time to breathe and look internally after returning to historic
norms following an prolonged interval of unprecedented demand, we hope corporations
will “management what you possibly can management,” be open to alter and alternatives, look
at processes and methods to function extra effectively all through the group,
and to put money into relationships with their workers, prospects, distributors,
lenders, and most significantly, accountants.

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

Agency Profile: Based in 1930 by BDO Seidman, LLP, the Excessive Level, North
Carolina follow was lately acquired by 4 people who’ve spent
nearly all of their 100+ yr careers constructing the present follow.
Starting January 1, 2007, Smith Leonard PLLC turned an unbiased 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 companies corporations with home places all through North Carolina,
Virginia, South Carolina and Texas.

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

Observe Focus – The vast majority of the consumer base consists
of producing and distribution corporations.

Lots of its purchasers are both furnishings producers, distributors or
suppliers to the furnishings business. Smith Leonard additionally companies corporations
in retail, transportation, insurance coverage, not-for-profit entities and worker
profit plans. Smith Leonard presents a full vary of accounting and
consulting companies 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 circulate projections, and
tax outsourcing. Particular person purchasers profit from intensive expertise in
household wealth companies 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: ksmith@smithleonardcpas.com.