According to recent data released by S&P Global Market Intelligence, U.S. container freight imports increased slightly by 1% in September, ending 13 consecutive months of year-over-year declines since July 2022, but lower than 2.88 million TEU in August. From January to September, import volume was 21.38 million TEUs, a year-on-year decrease of 13%. The company also noted that furniture imports fell by 7%.
The domestic furniture manufacturing industry in the United States is also shrinking. The production index of the overall U.S. manufacturing industry in September was 49% (below 50% indicates contraction), which was the 11th consecutive month of contraction. The furniture manufacturing industry seems to be on the decline again. After three consecutive months of growth, it has now shrunk for two consecutive months.