Furniture World News Desk on
10/2/2024
MONTHLY RESULTS
New Orders
According to our latest survey of residential furniture manufacturers and
distributors, new orders were down 5% in July 2024 compared to July 2023,
which follows the 6% year over year decline in June 2024. However,
approximately one-half of the participants reported an increase in orders in
July 2024 compared to a year ago. New orders were also down 9% compared to the
prior month of June 2024. However, year to date through July 2024, new orders
are still up 2% compared to 2023, though that spread has continued to narrow
with the last three months’ declines.
Shipments and Backlogs
July 2024 shipments were up 6% from July 2023, but down 7% from June 2024.
Shipments in July 2024 were up for approximately one-half of the participants
compared to July 2023. However, July can be expected to fluctuate due to the
timing and duration of the 4th of July holiday in the United States, during
which many companies shut down
Year to date through July 2024, shipments are down 7% compared to 2023.
July 2024 backlogs were down 11% compared to July 2023, and down 3% from June
2024.
Receivables and Inventories
Receivable levels were down 3% from June 2024, but flat with July 2023, which
is hopefully timing rather than an indication of deteriorating customer
credit.
Inventories were consistent with June 2024 and down 11% from July 2023, which
is in line with prior periods and current operational levels
Factory and Warehouse Employees and Payroll
The number of factory and warehouse employees was down 4% from July a year ago
and also down 1% from June 2024.
Year to date through July 2024, payroll expense is down 2%, which is
consistent with employee headcount and prior periods.
NATIONAL
Consumer Confidence
The Conference Board Consumer Confidence Index® fell in September to 98.7
(1985=100), from an upwardly revised 105.6 in August
The Present Situation Index—based on consumers’ assessment of current business
and labor market conditions—fell by 10.3 points to 124.3.
The Expectations Index—based on consumers’ short-term outlook for income,
business, and labor market conditions— declined by 4.6 points to 81.7, but
remained above 80. (A reading below the threshold of 80 usually signals a
recession ahead.)
“Consumer confidence dropped in September to near the bottom of the narrow
range that has prevailed over the past two years,” said Dana M. Peterson,
Chief Economist at The Conference Board. “September’s decline was the largest
since August 2021 and all five components of the Index deteriorated.
Consumers’ assessments of current business conditions turned negative while
views of the current labor market situation softened further. Consumers were
also more pessimistic about future labor market conditions and less positive
about future business conditions and future income.”
“The drop in confidence was steepest for consumers aged 35 to 54. As a result,
on a six-month moving average basis, the 35–54 age group has become the least
confident while consumers under 35 remain the most confident. Confidence
declined in September across most income groups, with consumers earning less
than $50K experiencing the largest decrease. On a six-month moving average
basis, consumers earning over $100K remained the most confident.”
Peterson added: “The deterioration across the Index’s main components likely
reflected consumers concerns about the labor market and reactions to fewer
hours, slower payroll increases, fewer job openings—even if the labor market
remains quite healthy, with low unemployment, few layoffs and elevated wages.
The proportion of consumers anticipating a recession over the next 12 months
remained low but there was a slight uptick in the percentage of consumers
believing the economy was already in recession.”
The share of consumers expecting higher interest rates over the next 12 months
dropped for the fourth month in a row to 46.5%— the lowest since February
2024. The share expecting lower rates increased to 33.3%, the highest since
April 2020. September write- in responses also included more mentions of
interest rates as affecting consumer’s views of the US economy.
Despite slower overall inflation and declines in some goods prices, average
12-month inflation expectations increased to 5.2% in September. Nonetheless,
this measure remains well below the peak of 7.9% reached in March 2022.
Mentions of prices and inflation continued to top write-in responses as topics
affecting consumers’ views of the economy, but there was some increase in
respondents mentioning lower inflation. Meanwhile, consumers’ expectations for
the stock market stabilized after the financial market tumult in early August:
25% of consumers expected stock prices to fall over the year ahead (down from
26.5% in August), while 47.6% expected stock prices to rise (down slightly
from 47.9% in August).
While still positive, consumers’ assessments of their Family’s Financial
Situation—both current and expected over the next six months—weakened in
September compared to August. (These measures are not included in calculating
the Consumer Confidence Index®).
Against this backdrop, consumer buying plans for big-ticket appliances were
mixed and plans to buy a smartphone or laptop/PC in the next six months eased.
However, on a six-month moving average basis, purchasing plans for homes and
new cars improved slightly. When asked about plans to buy more goods or
services over the next six months, consumers showed a slightly greater
preference for purchasing goods.
A new question about services in this month’s survey revealed consumers were
still keen to travel and dine out in September. It found that consumers were
still willing to stream entertainment at home but that interest in going to
the movies rose in recent months. Regarding non-discretionary services like
health care and utilities, planned spending over the next 6 months was also
strong
In September, write-in responses about politics, including the November
elections, remained below both 2020 and 2016 levels.
Present Situation
Consumers’ assessment of current business conditions turned negative in
September.
-
18.8% of consumers said business conditions were “good,” down from 21.1% in
August. - 20.2% said business conditions were “bad,” up from 17.3%
Consumers’ appraisals of the labor market deteriorated in September.
-
30.9% of consumers said jobs were “plentiful,” down from 32.7% in August. - 18.3% of consumers said jobs were “hard to get,” up from 16.8%.
Expectations Six Months Hence
Consumers were less optimistic about the business conditions outlook in
September
-
18.5% of consumers expected business conditions to improve, down from 19.1%
in August. - 16.6% expected business conditions to worsen, up from 14.5%.
Consumers’ assessments of the labor market outlook were more pessimistic in
September.
-
16.4% of consumers expected more jobs to be available, up slightly from
16.3% in August. - But 18.3% anticipated fewer jobs, up from 17.0%.
Consumers’ assessments of their income prospects were less optimistic in
September.
-
18.0% of consumers expected their incomes to increase, down from 18.6% in
August. - 13.0% expected their incomes to decrease, up from 11.7%.
Assessment of Family Finances and Recession Risk
-
Consumers’ assessments of their Family’s Current Financial Situation
weakened further. -
Consumers’ assessments of their Family’s Expected Financial Situation going
forward were also less optimistic. -
Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months
ticked up in September but remained well below the May 2020 peak.
Leading Economic Indicators
The Conference Board Leading Economic Index® (LEI) for the U.S. declined by
0.2% in August 2024 to 100.2 (2016=100), following an unrevised 0.6% decline
in July. Over the six-month period between February and August 2024, the LEI
fell by 2.3%, a smaller rate of decline than the 2.7% drop over the six-month
period between August 2023 and February 2024.
“In August, the US LEI remained on a downward trajectory and posted its sixth
consecutive monthly decline,” said Justyna Zabinska-La Monica, Senior Manager,
Business Cycle Indicators, at The Conference Board. “The erosion continued to
be driven by new orders, which recorded its lowest value since May 2023. A
negative interest rate spread, persistently gloomy consumer expectations of
future business conditions, and lower stock prices after the early-August
financial market tumult also weighed on the Index. Overall, the LEI continued
to signal headwinds to economic growth ahead. The Conference Board expects US
real GDP growth to lose momentum in the second half of this year as higher
prices, elevated interest rates, and mounting debt erode domestic demand.
However, in the Fed’s September 2024 Summary of Economic Projections,
policymakers suggested 100 basis points of interest rate cuts are likely by
the end of this year, which should lower borrowing costs and support stronger
economic activity in 2025.”
The Conference Board Coincident Economic Index® (CEI) for the U.S. increased
by 0.3% in August 2024 to 112.7 (2016=100), after a downwardly revised 0.1%
decline in July. Overall, the CEI grew by 0.8% in the six-month period ending
in August 2024, slightly above its 0.6% growth rate over the previous
six-month period. The CEI’s component indicators—payroll employment, personal
income less transfer payments, manufacturing and trade sales, and industrial
production—are included among the data used to determine recessions in the US.
All components improved in August, with industrial production recovering the
most after July’s decline.
The Conference Board Lagging Economic Index® (LAG) for the U.S. was unchanged
at 119.5 (2016=100) in August 2024, after a decline of 0.1% in July. The LAG’s
six-month growth rate softened further to 0.3% over the six-month period
ending in August 2024, after a 1.1% increase over the six- month period from
February 2023 to August 2024.
Gross Domestic Product
Real gross domestic product (GDP) increased at an annual rate of 3.0% in the
second quarter of 2024, according to the “third” estimate released by the U.S.
Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6%.
The increase in real GDP primarily reflected increases in consumer spending,
private inventory investment, and nonresidential fixed investment. Imports
increased.
Compared to the first quarter, the acceleration in real GDP in the second
quarter primarily reflected an upturn in private inventory investment and an
acceleration in consumer spending. These movements were partly offset by a
downturn in residential fixed investment.
Current-dollar GDP increased 5.6% at an annual rate, or $392.6 billion, in the
second quarter to a level of $29.02 trillion, a $9.5 billion larger increase
than the previous estimate.
The price index for gross domestic purchases increased 2.4% in the second
quarter, the same as the previous estimate. The personal consumption
expenditures (PCE) price index increased 2.5%, the same as the previous
estimate. Excluding food and energy prices, the PCE price index increased
2.8%, also the same as the previous estimate
HOUSING
Existing-Home Sales
Existing-home sales fell in August, according to the National Association of
REALTORS®. Three out of four major U.S. regions posted sales declines while
the Midwest registered no change. Year-over-year, sales slipped in three
regions but remained stable in the Northeast.
Total existing-home sales – completed transactions that include single-family
homes, townhomes, condominiums and co-ops – descended 2.5% from July to a
seasonally adjusted annual rate of 3.86 million in August. Year-over- year,
sales retracted 4.2% (down from 4.03 million in August 2023).
“Home sales were disappointing again in August, but the recent development of
lower mortgage rates coupled with increasing inventory is a powerful
combination that will provide the environment for sales to move higher in
future months,” said NAR Chief Economist Lawrence Yun. “The home-buying
process, from the initial search to getting the house keys, typically takes
several months.”
Single-family home sales decreased 2.8% to a seasonally adjusted annual rate
of 3.48 million in August, down 3.3% from the previous year. The median
existing single-family home price was $422,100 in August, up 2.9% from August
2023.
Existing condominium and co-op sales in August were identical to July at a
seasonally adjusted annual rate of 380,000 units, down 11.6% from one year ago
(430,000 units). The median existing condo price was $366,500 in August, up
3.5% from the prior year ($354,200).
“The median home price of condominiums is cheaper, yet the condominium market
is underperforming compared to the single- family market,” Yun added. “Rising
maintenance and insurance costs have lessened the appeal for condominiums.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.2% as of
September 12. That’s down from 6.35% one week ago and 7.18% one year ago.
The median existing-home price for all housing types in August was $416,700,
up 3.1% from one year ago ($404,200). All four U.S. regions posted price
increases.
Total housing inventory registered at the end of August was 1.35 million
units, up 0.7% from July and 22.7% from one year ago (1.1 million). Unsold
inventory sits at a 4.2-month supply at the current sales pace, up from 4.1
months in July and 3.3 months in August 2023.Total housing inventory
registered at the end of August was 1.35 million units, up 0.7% from July and
22.7% from one year ago (1.1 million). Unsold inventory sits at a 4.2-month
supply at the current sales pace, up from 4.1 months in July and 3.3 months in
August 2023.
“The rise in inventory – and, more technically, the accompanying months’
supply – implies home buyers are in a much-improved position to find the right
home and at more favorable prices,” Yun added. “However, in areas where supply
remains limited, like many markets in the Northeast, sellers still appear to
hold the upper hand.”
According to the monthly REALTORS® Confidence Index, properties typically
remained on the market for 26 days in August, up from 24 days in July and 20
days in August 2023.
First-time buyers were responsible for 26% of sales in August – matching the
all-time low last seen in November 2021 – and down from 29% in both July 2024
and August 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in
November 2023 – found that the annual share of first-time buyers was 32%.
Regional
Existing-home sales in the Northeast in August faded 2.0% from July to an
annual rate of 480,000, which was identical to August 2023. The median price
in the Northeast was $503,200, up 7.7% from last year.
In the Midwest, existing-home sales were unchanged in August at an annual rate
of 920,000, down 5.2% from the previous year. The median price in the Midwest
was $315,400, up 3.8% from August 2023.
Existing-home sales in the South waned 3.9% from July to an annual rate of
1.73 million in August, down 6.0% from one year before. The median price in
the South was $367,000, up 1.6% from one year earlier.
In the West, existing-home sales declined 2.7% in August to an annual rate of
730,000, down 1.4% from a year ago. The median price in the West was $622,500,
up 2.2% from August 2023.
New Residential Sales
Sales of new single-family houses in August 2024 were at a seasonally adjusted
annual rate of 716,000, according to estimates released jointly by the U.S.
Census Bureau and the Department of Housing and Urban Development. This is
4.7% below the revised July rate of 751,000, but is 9.8% above the August 2023
estimate of 652,000.
The median sales price of new houses sold in August 2024 was $420,600
($429,800 in July 2024). The average sales price was $492,700 ($514,800 in
July 2024).
The seasonally-adjusted estimate of new houses for sale at the end of August
was 467,000 (462,000 in July 2024). This represents a supply of 7.8 months at
the current sales rate (7.5 in July 2024).
Compared to August 2023 on a seasonally-adjusted basis, sales were up 9.8%
overall with sales also up 18.0% in the South and 26.6% in the Midwest, but
down (33.3)% in the Northeast and (6.7)% in the West.
Housing Starts
Privately-owned housing starts in August were at a seasonally adjusted annual
rate of 1,356,000. This is 9.6% above the revised July estimate of 1,237,000
and is 3.9% above the August 2023 rate of 1,305,000
Single-family housing starts in August were at a rate of 992,000; this is
15.8% above the revised July figure of 857,000.
The August rate for units in buildings with five units or more was 333,000
(363,000 in July)
Single-family starts compared to August 2023, on a seasonally-adjusted basis,
were up 5.2% in total as well as up 52.7% in the Northeast, and 10.7% in the
West, and 33.3% in the Midwest, while being down (6.3)% in the South.
Housing Completions
Privately-owned housing completions in August were at a seasonally adjusted
annual rate of 1,788,000. This is 9.2% above the revised July estimate of
1,637,000 and is 30.2% above the August 2023 rate of 1,373,000.
Single-family housing completions in August were at a rate of 1,029,000; this
is 5.6% below the revised July rate of 1,090,000.
The August rate for units in buildings with five units or more was 740,000
(473,000 in July)
Single-family completions compared to August 2023, on a seasonally-adjusted
basis, were up 8.4% in total and also up 3.4% in the South, 56.4% in the
Northeast, and 21.9% in the West, while being down (3.8)% in the Midwest.
OTHER NATIONAL
Retail Sales
Advance estimates of U.S. retail and food services sales for August 2024,
adjusted for seasonal variation and holiday and trading- day differences, but
not for price changes, were $710.8 billion, an increase of 0.1% from the
previous month, and up 2.1% from August 2023. Total sales for the June 2024
through August 2024 period were up 2.3% from the same period a year ago. The
June 2024 to July 2024 percent change was revised from up 1.0% to up 1.1%.
Retail trade sales were up 0.1% from July 2024, and up 2.0% from last year.
Nonstore retailers were up 7.8% from last year, while food services and
drinking places were up 2.7% from August 2023.
Sales at furniture and home furnishings stores were down (0.7)% in August 2024
from July 2024 on a seasonally-adjusted basis, and down the same (0.7)% from
August 2023. Sales were also down (5.1)% for YTD August 2024 compared to the
same period for 2023 on an unadjusted basis.
Consumer Prices
The Consumer Price Index for All Urban Consumers increased 0.2% on a
seasonally adjusted basis, the same increase as in July, the U.S. Bureau of
Labor Statistics reported. Over the last 12 months, the all items index
increased 2.5% before seasonal adjustment.
The index for shelter rose 0.5% in August and was the main factor in the
all-items increase. The food index increased 0.1% in August, after rising 0.2%
in July. The index for food away from home rose 0.3% over the month, while the
index for food at home was unchanged. The energy index fell 0.8% over the
month, after being unchanged the preceding month.
The index for all-items less food and energy rose 0.3% in August, after rising
0.2% the preceding month. Indexes which increased in August include shelter,
airline fares, motor vehicle insurance, education, and apparel. The indexes
for used cars and trucks, household furnishings and operations, medical care,
communication, and recreation were among those that decreased over the month.
The all-items index rose 2.5% for the 12 months ending August, the smallest
12-month increase since February 2021. The all items less food and energy
index rose 3.2% over the last 12 months. The energy index decreased 4.0% for
the 12 months ending August. The food index increased 2.1% over the last year.
Employment
Total nonfarm payroll employment increased by 142,000 in August, and the
unemployment rate changed little at 4.2%, the U.S. Bureau of Labor Statistics
reported. Job gains occurred in construction and health care.
Both the unemployment rate, at 4.2%, and the number of unemployed people, at
7.1 million, changed little in August. These measures are higher than a year
earlier, when the jobless rate was 3.8%, and the number of unemployed people
was 6.3 million.
Durable Goods Orders and Factory Shipments
New orders for manufactured durable goods in August, up six of the last seven
months, increased $0.1 billion or virtually unchanged to $289.7 billion, the
U.S. Census Bureau announced. This followed a 9.9% July increase. Excluding
transportation, new orders increased 0.5%. Excluding defense, new orders
decreased 0.2%. Electrical equipment, appliances, and components, up two of
the last three months, drove the increase, $0.3 billion or 1.9% to $14.4
billion.
Shipments of manufactured durable goods in August, down following two
consecutive monthly increases, decreased $1.6 billion or 0.5% to $289.4
billion. This followed a 1.1% July increase. Transportation equipment, also
down following two consecutive monthly increases, drove the decrease, $1.9
billion or 1.9% to $97.1 billion.
On a seasonally-adjusted basis, shipments for furniture and related products
were down (0.7)% compared to the prior month, while new orders were up 0.2%.
On a non-adjusted basis, year to date shipments for furniture and related
products were up 0.6% compared to the prior year, while year to date new
orders were up 1.6%.
Executive Summary
New orders were down 5% in July 2024 compared to July 2023, which follows the
6% year over year decline in June 2024. New orders were also down 9% compared
to the prior month of June 2024. However, year to date through July 2024, new
orders are still up 2% compared to 2023, though that spread has continued to
narrow with the last three months’ declines.
July 2024 shipments were up 6% from July 2023, but down 7% from June 2024.
Year to date through July 2024, shipments are down 7% compared to 2023. July
2024 backlogs were down 11% compared to July 2023, and down 3% from June 2024.
Receivable levels were down 3% from June 2024, but flat with July 2023.
Inventories and employee/payroll levels are again materially in line with
recent months, but down from 2023, indicating that companies have aligned
levels to match current operations.
National
Consumer Confidence
The Conference Board Consumer Confidence Index® fell in September to 98.7
(1985=100), from an upwardly revised 105.6 in August.
The Present Situation Index—based on consumers’ assessment of current business
and labor market conditions—fell by 10.3 points to 124.3.
The Expectations Index—based on consumers’ short-term outlook for income,
business, and labor market conditions—declined by 4.6 points to 81.7, but
remained above 80. (A reading below the threshold of 80 usually signals a
recession ahead.)
“Consumer confidence dropped in September to near the bottom of the narrow
range that has prevailed over the past two years,” said Dana M. Peterson,
Chief Economist at The Conference Board. “September’s decline was the largest
since August 2021 and all five components of the Index deteriorated.
Consumers’ assessments of current business conditions turned negative while
views of the current labor market situation softened further. Consumers were
also more pessimistic about future labor market conditions and less positive
about future business conditions and future income.”
Against this backdrop, consumer buying plans for big-ticket appliances were
mixed and plans to buy a smartphone or laptop/PC in the next six months eased.
However, on a six-month moving average basis, purchasing plans for homes and
new cars improved slightly. When asked about plans to buy more goods or
services over the next six months, consumers showed a slightly greater
preference for purchasing goods.
Housing
Existing-home sales fell in August, according to the National Association of
REALTORS®. Three out of four major U.S. regions posted sales declines while
the Midwest registered no change. Year-over-year, sales slipped in three
regions but remained stable in the Northeast.
Total existing-home sales – completed transactions that include single-family
homes, townhomes, condominiums and co-ops – descended 2.5% from July to a
seasonally adjusted annual rate of 3.86 million in August. Year-over-year,
sales retracted 4.2% (down from 4.03 million in August 2023).
Single-family home sales decreased 2.8% to a seasonally adjusted annual rate
of 3.48 million in August, down 3.3% from the previous year. The median
existing single-family home price was $422,100 in August, up 2.9% from August
2023. Existing condominium and co-op sales in August were identical to July at
a seasonally adjusted annual rate of 380,000 units, down 11.6% from one year
ago (430,000 units). The median existing condo price was $366,500 in August,
up 3.5% from the prior year ($354,200).
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.2% as of
September 12. That’s down from 6.35% one week ago and 7.18% one year ago.
Sales of new single-family houses in August 2024 were at a seasonally adjusted
annual rate of 716,000, according to estimates released jointly by the U.S.
Census Bureau and the Department of Housing and Urban Development. This is
4.7% below the revised July rate of 751,000, but is 9.8% above the August 2023
estimate of 652,000.
Compared to August 2023 on a seasonally-adjusted basis, sales were up 9.8%
overall with sales also up 18.0% in the South and 26.6% in the Midwest, but
down (33.3)% in the Northeast and (6.7)% in the West.
Other
Real gross domestic product (GDP) increased at an annual rate of 3.0% in the
second quarter of 2024, according to the “third” estimate released by the U.S.
Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6%.
The increase in real GDP primarily reflected increases in consumer spending,
private inventory investment, and nonresidential fixed investment. Imports
increased.
Compared to the first quarter, the acceleration in real GDP in the second
quarter primarily reflected an upturn in private inventory investment and an
acceleration in consumer spending. These movements were partly offset by a
downturn in residential fixed investment.
Sales at furniture and home furnishings stores were down (0.7)% in August 2024
from July 2024 on a seasonally-adjusted basis, and down the same (0.7)% from
August 2023. Sales were also down (5.1)% for YTD August 2024 compared to the
same period for 2023 on an unadjusted basis.
Thoughts
Our hearts go out to our many friends and associates that have been negatively
affected by Hurricane Helene this last week. The human toll is obviously
heartbreaking. And while it’s impossible to fully grasp the current or
long-term impact this will have for the overall industry for an area that is
so essential to the production and distribution of product nationwide, we know
those within the industry are never short on resilience.
Consumer confidence really took a real beating in September and there wasn’t
much to get excited about from the other national economic indicators in
August/September either.
However, the long-awaited interest rate cut finally arrived in September in
the form of a half point reduction, with the potential for another quarter or
half point in November, now that inflation has eased, and the labor market is
not as tight in the Fed’s view. Unfortunately, the expected positive impact to
housing and ultimately the home furnishings industry will not happen
overnight.
Meanwhile, ocean container rates continue to decline in September compared to
summer peaks per the World Container Index, though as of this morning, there
is now a port strike along the East Coast and Gulf of Mexico to contend with.
And lastly, on a positive note, it’s almost time for the Fall Furniture Market
here in High Point and we look forward to seeing many of you in town later
this month.
This Furniture Insights® newsletter report has been re-published with
the permission of Smith Leonard PLLC an independent member of the BDO
Seidman Alliance.
Firm Profile: Founded in 1930 by BDO Seidman, LLP, the High Point, North
Carolina practice was recently acquired by four individuals who have spent
the majority of their 100+ year careers building the existing practice.
Beginning January 1, 2007, Smith Leonard PLLC became an independent member
of the BDO Seidman Alliance. Partners are Ken Smith, Darlene Leonard, Jon
Glazman and Mark Bulmer. Among the firm’s 32 employees are 18 CPAs.
Service Area – Smith Leonard concentrates primarily in the Triad, but
also services companies with domestic locations throughout North Carolina,
Virginia, South Carolina and Texas.
Smith Leonard has an extensive network of international relationships that
helps service their clients’ needs throughout the world with locations
in Asia, Europe, South America, Mexico and Canada. These companies range in
revenue size of $2 million to $300 million.
Practice Concentration – The majority of the client base is composed
of manufacturing and distribution companies.
Many of its clients are either furniture manufacturers, distributors or
suppliers to the furniture industry. Smith Leonard also services companies
in retail, transportation, insurance, not-for-profit entities and employee
benefit plans. Smith Leonard offers a full range of accounting and
consulting services including audits, compilations, reviews, tax planning
and compliance. The partners and staff of Smith Leonard also assists clients
in mergers, acquisitions, business consulting, cash flow projections, and
tax outsourcing. Individual clients benefit from extensive experience in
family wealth services including estate tax planning.
The firm continues to produce monthly and annual statistics for the
furniture industry. For more information call (336) 883-018 or
e-Mail: ksmith@smithleonardcpas.com.
