According to recent reports from Bloomberg Businessweek, the recovering job market is leading to increased job security and increased spending throughout the market, particularly in furniture. Furniture sales reportedly grew 8.3% since Feb. 2011, as furniture demand rebounds from a sluggish economy recovery.
The spike in furniture sales is most likely the result of a stabilized job market that appears to be getting stronger. The unemployment rate stayed at 8.3% in February, a three year low, and 227,000 jobs were added, making February 2012 the third straight month of job gains over 200,000. The renewed consumer confidence in job security is leading many buyers to update home furnishings they weren’t sure they could afford four years ago.
Although competition from lower-price, low quality Chinese and Asian manufacturers still poses a threat to the American furniture industry, it has still attained considerable growth in the latter half of 2011 and the beginning months of 2012. Hopefully this recent economic upturn will permit more people to enjoy high-quality, American-made furniture and invest some love and comfort in their homes.
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