Herman Miller, Inc. issued a statement outlining its views of the economic outlook and the prospects for the contract furniture industry for the coming months. Citing the economic slowdown and specifically the declining Consumer Confidence Index, the company stated that “the office furniture industry, like all industries, will undoubtedly be affected.” Layoffs and salary reductions across many business sectors will erode the customer base of the contract furniture industry, explained the companys statement. While Herman Miller expects to weather the economic uncertainty better than some of the more vertically integrated furniture companies, the outlook was described as “cautiously optimistic.” The company cited efforts by the Federal Reserve and the Bush administration’s tax-reduction proposal as hopeful signs for an economic recovery.
Based on a report from OfficeSite
