Originally printed in the January 11, 2016 print issue of Furniture/Today
Aided by low inflation and declining unemployment, consumer spending on furniture and bedding is expected to top $100 billion for the second straight year in 2016.
According to Furniture/Today's exclusive economic forecast, the figure should hit $106.2 billion this year, a 4.1% increase from an estimated $102 billion in 2015 — the first year the $100 billion mark was breached.
This report includes 2015 estimates and 2016 projections for Consumer spending on furniture and bedding; Housing starts; Existing home sales; Mortgage rates; Real gross domestic product; Consumer price index; Unemployment; Personal disposable income and Prime interest rates.
Data for the forecast came from Jerry Epperson; Mann, Armistead & Epperson; Association for Financial Professionals; Bank of America Merrill Lynch; Fannie Mae Economics and Mortgage Market Analysis; Federal Reserve Bank of Chicago; Federal Reserve Bank of Philadelphia, The Livingston Survey; Federal Reserve of Philadelphia, Survey of Professional Forecasters; Freddie Mac; International Monetary Fund; Mortgage Bankers Association; National Association of Home Builders; National Association of Realtors; Raymond James, Scott Brown, Chief Economist; RBC; TD Economics; The Conference Board; PNC Financial Services Group; University of Michigan, Research Seminar in Quantitative Economics (RSQE); Securities Industry & Financial Markets Association (SIFMA); U.S. Census Bureau; U.S. Department of Commerce; Bureau of Economic Analysis; Bureau of Labor Statistics; Wall Street Journal and Wells Fargo.
Furniture/Today's 2016 Economic Outlook Survey was compiled by Furniture/Today’s market research team, led by Dana French, Director of Research and Nicole Collins, Research Project Analyst.
This material may not be published, broadcast, rewritten or redistributed in whole or part without the express written permission of Progressive Business Media.
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