The latest data from the Institute for Supply Management (ISM) showed that U.S. manufacturing grew for the 25th consecutive month in June, although it was the slowest pace in nearly two years. Continuing the downward trend in May, the growth rate in June fell by 3.1% to 53%.
Timothy R. Fiore, president of the Institute for Supply Management, said: "U.S. manufacturing continued to be driven by demand and supply chain constraints, but growth slowed in June. Although May and June The employment index has declined, but companies have made progress in addressing medium-term labor shortages at all levels of the supply chain."
“Employee resignation rates fell compared to May. Price gains moderated slightly in June for the third straight month, but instability in global energy markets continues. Markets remain upbeat on demand, in comments on growth , the ratio of cautious to optimistic is about 1:3," Timothy Fiore added.
Demand is falling across all industries. Manufacturing is still struggling to find workers, but employment did improve in May.
Unfortunately, the furniture industry has had its worst performance so far this year, with just about every indicator going from bad to worse. Only three industries in all manufacturing industries experienced negative growth in order volume, with the furniture industry ranking second. In addition, the employment rate of the furniture industry also ranks among the top three.
The furniture industry reported slowing supplier deliveries and rising raw material prices. Inventories are dwindling and are basically unchanged from May.
The furniture industry appears to be continuing the trajectory it has been on since May, when it was the only manufacturing sector to report losses. The furniture industry fared better until May, with growth outpacing the manufacturing average for two consecutive months in December and January 2021, before showing signs of slowing down.
The wood products industry also performed less than satisfactory in June, with both new orders and production falling.