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Furniture World News
MONTHLY RESULTS
New Orders
According to our latest survey of residential furniture manufacturers and distributors, new orders in December 2020 were up 27% over December 2019, following six months of significant double-digit growth in orders. The 27% increase was even higher than November’s 17% increase, which had been the first month that orders had slowed somewhat. We had heard that orders had begun to slow somewhat from the 40 plus % increases so November’s lower increase was no surprise. While the 27% increase was somewhat slower, it was higher than we expected based on our conversations. Some 84% of our participants reported increased orders compared to last December.
A better way to raise the minimum wage Rick Newman
Democrats are having a big fight among themselves about how to raise the federal minimum wage, which has been stuck at $7.25 per hour since 2009. Sen. Bernie Sanders (I., Vt.) and some other liberals want it raised to $15 per hour, but conservative Democrats like Sen. Joe Manchin (D., W.V.) say that’s too high for rural areas and smaller cities. They might raise it to $11, which the Sanders camp considers dismissively low.
Why not have it both ways? A 2019 Democratic proposal would establish five minimum-wage tiers for different areas of the country, based on regional living costs. Within five years, the minimum wage in the costliest cities would rise to around $15, which is Sanders’ goal. In medium-cost areas, it would rise to about $13, while in the lowest-cost places the minimum would hit $11.50.
Economic Club of New York Virtual Webinar
New York, NY
For delivery on Tuesday, March 2, 2021 2:00 P.M. EST
Introduction
In February of last year, right before COVID-19 hit our shores, I was in Ireland. Walking around Dublin one day, I happened upon a converted warehouse with artists selling their work. One of the artists had a wall of beautifully colored, tiny framed prints. Each one was etched with the phrase “History Will Repeat Itself” followed by an arrow pointing to the future. It seemed a pessimistic, almost fatalistic view, so I asked him if he had painted it out of prophecy or fear. He answered, somewhat gruffly, “Both.”
Market Watch 666 For 28February 2021
Fourth quarter GDP revision; January’s income and outlays, durable goods, and new home sales
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This week also had the release of the Chicago Fed National Activity Index (CFNAI) for January, a weighted composite index of 85 different economic metrics, which rose to +0.66 in January from +0.41 in December, which was revised from the +0.52 reported for December last month. after revisions, the 3 month average of the CFNAI slipped to +0.47 in January from a revised +0.60 in December, which still indicates that national economic activity has been somewhat above the historical trend over recent months.in addition, the week also saw the Case-Shiller Home Price Index for December from S&P Case-Shiller, which reported that home prices nationally during October, November and December averaged 12.4% higher than prices for the same homes that sold during the same