Furniture Stocks Slide Despite Signs Of A Housing Recovery
Furniture Industry News Update -
CNBC.com reported that, "Furniture makers got hit hard Wednesday after La-Z-Boy posted weaker than expected results for the quarter and said it was positioned to further “capitalize on any strengthening in the economy, particularly consumer confidence and the housing market.” Though the company failed to acknowledge that was underway.
"Yet data from the Commerce Department Wednesday showed that permits for new construction hit their highest level in four years. This was the latest in a series of government data pointing to a housing bottom. So who to believe?"
The article speculates that the trend in housing spending is slowing and that this is bourne out by a slow-down in building materials sales and from retailers such as Ethan Allen and La-Z-Boy in the most recent quarter.
See the full article at http://www.cnbc.com/id/47894361?
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