Submitted by lfisher on Tue, 06/02/2020 - 08:00
INDUSTRY NEWS UPDATE JUNE 2, 2020

KCMA is committed to bringing you the latest news in the cabinet manufacturing industry. Take a look at what’s been happening:

SURVEY: MORE SPACE AND UPGRADED KITCHENS ARE TOP DESIRES OF HOMEOWNERS SHELTERING-IN-PLACE

With homeowners across the United States confined to their homes during the coronavirus (COVID-19) pandemic, many are shifting their preferences for their current living conditions. A survey conducted by Realtor.com indicates many homeowners and renters pine for more space, updated kitchens, and home gyms in their current home. The survey also indicated that 32% of consumers have taken on some home improvement project while sheltering in place.

Read more.

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Photo courtesy of remodeling.hw.net

Homeowners spending more time at home are learning they would like to change various elements to improve livability. 

EEOC PROVIDES GUIDANCE FOR BUSINESSES CONTEMPLATING RETURN-TO-WORK POLICIES AND PROCEDURES

As the COVID-19 pandemic continues to unfold, employers are adjusting their practices on an ongoing basis in accordance with ever-changing government guidelines. Indeed, the United States Equal Employment Opportunity Commission (EEOC) recently updated its recommendations for how employers may comply with the Americans with Disabilities Act (ADA) and other employment laws as employees begin to return to work. This post summarizes the key elements of these updated guidelines.

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SBA AND TREASURY RELEASE PPP LOAN FORGIVENESS APPLICATION

The U.S. Small Business Administration (SBA), in consultation with the U.S Department of the Treasury, has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers.

Read more.

PPP

ECONOMIC UPDATES

Manufacturing production fell sharply by a record-setting 13.7% in April to the lowest level since July 28, with durable and nondurable goods output plummeting 19.3% and 8.2%, respectively.

After falling to the lowest level since December 2011, the Index of Consumer Sentiment edged up from 71.8 in April to 73.7 in May, according to preliminary data from the University of Michigan and Thomson Reuters.

There were 2,981,000 initial unemployment claims for the week ending May 9, with 36,471,000 filers over the past seven weeks.

There were 320,000 manufacturing job openings in March, the slowest pace since November 2016 and down from 422,000 in February.

The National Federation of Independent Business said that the Small Business Optimism Index fell to its lowest level since March 2013, declining from 96.4 in March to 90.9 in April.

Consumer and producer prices fell 0.8% and 1.3%, respectively, in April, both the largest monthly declines since the Great Recession, prompting worries about deflation in the economy. 

The unemployment rate soared to 14.7% in April, a staggering pace of job loss not seen since the Great Depression. 

New orders for manufactured goods fell 10.3% in March, the largest monthly decline since July 2014, with a decrease of 3.7% with transportation equipment excluded. 

Manufacturing labor productivity fell 3.3% at the annual rate in the first quarter, the fastest rate of decline since the fourth quarter of 2015

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The KCMA website has many resources available for cabinet manufacturers and suppliers. Visit our website to learn more!