According to its latest monthly survey, the New York Federal Reserve reported that nearly 35% of the 1,300 households surveyed said they were better off economically than they were in the past 4 years, since the survey was started.
Expected Spending Growth
Furthermore, the survey supported the view of continued strong consumption growth. Half of those polled said they expected to spend at least 3.3 percent more in the coming year, compared to median expected spending growth of 2.6 percent in the May survey. One-year-ahead expected earnings growth increased to 2.5 percent in the June survey from 2.2 percent in May.
Rug Business More Spending – Lag in Design
The rug business does not live in a vacuum. Rugs are part of home furnishings, which is part of household formation. Used homes sell at about a 5:1 ratio to new homes, not including rentals. So most new product will be purchased for existing homes and that interior design, creating an inherent lag in design adoption.he New York
To read the complete Reuters article: http://www.reuters.com/article/us-usa-fed-consumers-idUSKBN19V1W9?il=0