New York, July 6 (Reuters)-U. S.
An analyst said continued growth in classic office furniture
orders could slow to track GDP growth.
Bud Bugatch, an analyst at Raymond James, said in a research report that the contraction of orders eventually began to damage the stock performance of listed companies. Furniture Manufacturer
s Association of Commerce and institutions (BIFMA)
Mei\'s orders rose 5% year-on-year to $0. 975 billion.
Shipments rose 7% to $0. 94 billion. Steelcase Inc. (SCS. N), HNI Corp. (HNI. N)
Herman Miller(MLHR. O)and Knoll Inc. (KNL. N)
Enjoy the percentage of orders growing to double low
In 2004 and 2005 figures, the industry has cooled since then.
In January, monthly orders fell for the first time since July 2004.
Since then, the average order has increased by 5.
2% years have passed, which is about where they will stay, because there is no widely adopted innovation like compartments, Bugatch said. “Net-
Net, the possible results confirm to a large extent our views on slowing industrial growth to nominal GDP --
6%, \"wrote Bugatch.
But until recently, investors were still smug despite signs of slowing industry growth, Mr. Bugatch said.
This changed in June as shares of all four major public classic office furniture
companies fell below the S & P 500.
BIFMA compiled reports from 40 companies that account for 73% of the industry\'s total.
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