The housing market slowdown is showing up in shipping data from China
2022-06-28 10:04:36 source：CNBC
June 27, 2022
Spending cutbacks by the consumer already led to a decrease in Chinese manufacturing orders by U.S. importers of 20-30%, as recently reported by CNBC, and more recent data from U.S. shippers shows the housing market slowdown is now showing up in the Asian supply chain data too.
“We are seeing the impact and slowdown across home appliances, white goods (items like dishwashers), and DIY products,” said Akhil Nair, senior vice president of products for Asia Pacific at Seko Logistics. “We have seen a major slowdown in furniture and home decoration especially in China and Vietnam because importers are heavy in stock.”
Inflation has led to record-level lows in consumer sentiment, but the housing market had remained strong until the Fed’s more recent posture led to the biggest weekly jump in mortgage rates since the 1980s.
Read more: