Another Housing Red Light: Furniture Spending Negative For The First Time Since 2012

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Spending at furniture stores had picked up over 2012 through early 2013 but has been on a downward trajectory since last fall. Sales actually slipped into negative territory on a yoy basis in May, showing weakness into the spring season. This weakness is consistent with a wide array of indicators on the housing market, including Census Bureau’s new home sales as well as weak household formation data.

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