2022Since 2010, the economic growth of the United States has slowed down significantly. In the first half of the year, the growth rate of the gross domestic product (GDP) has declined for two consecutive quarters, and it only recovered in the third quarter driven by exports. increased to 2.9%. The high fever of inflation persisted, and the level of inflation hit a record high. Entering 2023, due to the Fed’s continuous interest rate hikes and the collapse of two medium-sized banks in the United States, bank loans have decreased and credit conditions have tightened, which will slow down the growth of the US economy and continue to increase the price level, which will further lead to the consumption of US residents The room for growth is limited. Consumption rose month-on-month in January under the background of high interest rates, but returned to a downward trend in February and March.
U.S. retail sales are cooling after a hot start to the year as U.S. inflation moderates amid higher interest rates . According to data released by the U.S. Census Bureau on April 14, retail sales in the United States fell by 1% month-on-month in March, exceeding market expectations of -0.4%. On a year-over-year basis, retail sales rose just 2.9% for the month, the slowest growth rate since June 2020. Manufacturing production fell 0.5% in March, with motor vehicle output down 1.5%, and manufacturing production excluding autos also down 0.5%.
The U.S. retail industry has shown a slower-than-expected slowdown, suggesting that consumption is shrinking rapidly. As a major furniture consumer in the world, the US furniture industry retreated in February and March after a strong start at the beginning of the year. Based on the statistics in February, the U.S. Department of Commerce estimated the furniture sales in March: furniture sales in March could not reach the level of the same period in 2022. Compared with the US$12.121 billion in March 2023, it decreased by 2.4%, and compared with the US$11.982 billion in February 2023, it decreased by 1.2% from the previous month.
3The performance of various industries in the United States in the month was not impressive, and there were few industries with year-on-year growth. Adjusted sales estimates for retail and food services for March totaled $691.671 billion, up 2.9% from $671.904 billion in March 2022 and down 1.0% month-over-month. Non-bricks and mortar retail led the way with a 1.9 percent gain, with health and personal care up 0.3 percent; grocery store retail and sporting goods, musical instruments, and bookstores up 0.2 percent; and food services and drinking establishments up 0.1 percent. Gas stations, meanwhile, saw the biggest declines, down 5.5 percent; department stores fell 3 percent; building materials, gardening equipment and supplies dealers, and electronics and appliances all fell 2.1 percent.
2022January-March 2023 U.S. furniture retail sales and year-on-year growth rate (unit: US$ billion, %)
Data source: U.S. Department of Commerce
Data released by the US Department of Labor showed that the consumer price index (CPI) rose by 5% year-on-year in March, lower than the expected 5.1% and 2 6% in the month, the smallest increase since May 2021, and U.S. inflation showed an unexpected drop,But recently According to the survey, nearly 70% of Americans still have a negative view on future economic development, and American households spend more money.��will be more cautious, draw less on savings and spend more on services rather than goods. Economists at Morgan Stanley expect the U.S. furniture retail industry to continue to weaken in the coming months.
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