Furniture industry stocks in shock as inflation numbers are worse than expected

NEW YORK — With news yesterday that inflation climbed higher than expected in August, the stock market tumbled almost 1,300 points in its worst trading day since June 2020. The Consumer Price Index came in at 8.3% for August, higher than the 8.1% analyst estimate, signaling that efforts to combat inflation by the Federal Reserve have not been enough to tamp down rising costs.

Furniture industry stocks weren’t spared in the market downturn. Here’s how furniture stocks fared as of the close of market yesterday:

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Jean Marie Layton is senior editor for upholstery at Furniture Today. A design and furniture aficionado, she has worked as a writer/editor in industry and non-profits, in academic administration and in retail furniture sales. She pursued a master’s degree in the history of design at Parsons/Cooper-Hewitt and has a BA in history from Mount Holyoke College and an MA in liberal arts from Stanford University. Reach out to Jean Marie with your story ideas, tips and more at jlayton@furnituretoday.com

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