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Furniture industry reports largest industry contraction; wood products reports third most contraction

TEMPE, Ariz. Furniture industry orders contracted the most of overall industries, and wood products manufacturers ranked third in terms of contraction in September 2022 compared to August In addition, while economic activity in the manufacturing sector grew in September, with the overall economy achieving a 28th consecutive month of growth, the overall Manufacturing PMI dropped to its lowest level since May 2020, according to the latest Manufacturing ISM Report On Business.

Manufacturing PMI® at 50 9%; September 2022 Manufacturing ISM® Report On Business®

Overall manufacturing PMI up, but wood and furniture products contracts

According to the August 2022 manufacturing Institute for Supply Management Report On Business, economic activity in the manufacturing sector grew in August, with the overall economy achieving a 27th consecutive month of growth, but wood products and furniture and related products were one of seven industry sector that contracted. 

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