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.
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