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US furniture retailers are seeing a slowdown in sales as Americans who are already struggling to afford homes in today’s market aren’t shelling out for a new dining table or couch.

Last week, high-end furniture retailer RH reported $800 million in revenue in the three months ended July 29 — a 19% drop from last year’s period, when revenues hit $992 million.

The company attributed the dip to the stalling housing market, where mortgage rates are sitting at the highest level since 2001, forcing many homeowners in major US cities to sell at a loss.

“We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs,” the company said in its earnings report.

Williams-Sonoma, the San Francisco-based firm behind pricey interior stores Pottery Barn and West Elm, posted its second-quarter earnings late last month, which showed year-over-year decreases across the board.

Aside from net revenues falling 13% from last year, to $1.86 billion, Williams-Sonoma’s profits also fell to $757.56 million — down from $928.81 million in 2022 — while operating income, comparable brand revenue and merchandise inventories also decreased.

In addition, Williams-Sonoma reported a 20% revenue decline for West Elm, and a 10% dip in sales for Pottery Barn.

Virginia-based luxury furniture retailer Hooker Furnishings also reported losses for the quarter, when revenue slid to $97.8 million — down 36% from $152.91 million a year ago.

Net incomes at the manufacturer — which sells its home goods at Wayfair and Macy’s — also took a massive hit year over year, from $5.54 million to a dismal $785,000.

Hooker’s chief executive Jeremy Hoff also attributed the company’s losses to mortgage rates, which have “slowed down housing activity.”

“The continued rise in interest rates has suppressed customer — consumer confidence,” Hoff added during an earnings call with investors following the company’s earnings report.

Perhaps also because of sky-high benchmark 30-year home loans — which climbed to 7.23% from 7.09% last month, per mortgage buyer Freddie Mac — investors also appear insecure about the future of the furniture industry, as shares of RH fell nearly 18%, to $313.23, in the past five days — since the company reported its second-quarter earnings.

A year ago, the average 30-year home loan rate was 5.55%.

Hooker Furnishing’s share price, meanwhile, fell nearly 9%, to $19.16, while Williams-Sonoma’s stock slipped less than 1%, to $142.52, in the same five-day period

Representatives for RH, Williams-Sonoma and Hooker Furnishings did not immediately respond to The Post’s request for comment.

The shift in consumer spending on furniture makes sense, as home buyers face an ongoing affordability crisis and consumer spending is expected to shrink in early 2024 the first quarterly decline since the start of the pandemic, according to Bloomberg’s latest Markets Live Plussurvey.

More than half of 526 respondents, or 56%, believe that personal consumption in the US will turn negative in the new year, while another 21% said the reversal will happen even sooner, in the final quarter of 2023, Bloomberg found.

The outlet blamed the pessimism on high borrowing costs affecting household budgets and COVID-era savings drying out.

Thus, the “nepo baby” discussion has found its way from social media into the real estate market, where recent findings from the brokerage Redfin reveal that a significant portion of young homebuyers used family money to afford a down payment for a home. 

According to Redfins survey of more than 500 buyers under 30 years old, 38% had financial assistance from relatives for their down payment. 

The situation is significantly a result of the current crisis of housing unaffordability, especially as inflation keeps its grip tight on the American economy.

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Resident doctors in England consider whether new offer is enough to call off five-day strike in run-up to Christmas

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Resident doctors in England consider whether new offer is enough to call off five-day strike in run-up to Christmas

Doctors in England planning to go on strike in the run-up to Christmas are considering a new offer from the government to end the long-running dispute.

Resident doctors, formerly junior doctors, will walk out from 7am on 17 December until 7am on 22 December.

Health Secretary Wes Streeting has appealed to doctors to accept the government’s latest package.

The British Medical Association (BMA) said it will consult members by surveying them online on whether or not the deal from the government is enough to call off next week’s walkout.

The poll will close on Monday – just two days before the five-day strike is set to start.

The number of people in hospital with flu in England is at a record level for this time of year. File pic: PA
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The number of people in hospital with flu in England is at a record level for this time of year. File pic: PA

The union said the new offer includes new legislation to ensure UK medical graduates are prioritised for speciality training roles.

It also includes an increase in the number of speciality training posts over the next three years – from 1,000 to 4,000 – with more to start in 2026.

Funding for mandatory Royal College examination and membership fees for resident doctors is also part of the deal.

It does not address resident doctors’ demand for a 26% salary rise over the next few years to make up for the erosion in their pay in real terms since 2008 – this is on top of a 28.9% increase they have had over the last three years.

Mr Streeting warned a resident doctors’ strike over Christmas would have a “much different degree of risk” than previous walkouts.

It coincides with pressures facing the NHS, with health chiefs raising concerns over a “tidal wave” of illness and a “very nasty strain of flu”.

A new strain of the flu virus is thought to be much more infectious than previous strains and has already led to a record number of patients needing urgent hospital care.

The union’s mandate to strike is set to expire shortly, but Mr Streeting has offered to extend it to allow the medics to take action later in January if they reject his offer.

He called the union’s decision not to take it up “inexplicable”.

Last week, NHS England chief executive Sir Jim Mackey branded the decision by doctors to strike as “something that feels cruel” and which is “calculated to cause mayhem at a time when the service is really pulling all the stops out to try and avoid that and keep people safe”.

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BMA resident doctors committee chair Dr Jack Fletcher said the latest government offer “is the result of thousands of resident doctors showing that they are prepared to stand up for their profession and its future”.

“It should not have taken strike action, but make no mistake: it was strike action that got us this far,” he said.

“We have forced the government to recognise the scale of the problems and to respond with measures on training numbers and prioritisation.

“However, this offer does not increase the overall number of doctors working in England and does nothing to restore pay for doctors, which remains well within the government’s power to do.”

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Hundreds of ‘high-value’ artefacts stolen from museum in Bristol as police issue appeal

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Hundreds of 'high-value' artefacts stolen from museum in Bristol as police issue appeal

More than 600 artefacts have been stolen from a building housing items belonging to a museum in Bristol.

The items were taken from Bristol Museum’s British Empire and Commonwealth collection on 25 September, Avon and Somerset Police said.

The force described the burglary as involving “high-value” artefacts, as they appealed for the public’s help in identifying people caught on CCTV.

It is not clear why the appeal is being issued more than two months after the burglary occurred.

The break-in took place between 1am and 2am on Thursday 25 September when a group of four unknown males gained entry to a building in the Cumberland Road area of the city.

Detectives say they hope the four people on CCTV will be able to aid them with their enquiries.

This breaking news story is being updated and more details will be published shortly.

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Politics

Poland resubmits vetoed crypto bill with ‘not even a comma’ changed

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Poland resubmits vetoed crypto bill with ‘not even a comma’ changed

Polish lawmakers have doubled down on crypto regulation rejected by President Karol Nawrocki, deepening tensions between the president and Prime Minister Donald Tusk.

Polska2050, part of the ruling coalition in the Sejm — Poland’s lower house of parliament — reintroduced the extensive crypto bill on Tuesday, just days after Nawrocki vetoed an identical bill.

The bill’s backers, including Adam Gomoła — a member of Poland2050 — called Bill 2050 an “improved” successor to the vetoed Bill 1424, but government spokesman Adam Szłapka reportedly declared that “not even a comma” had been changed.

The division over Poland’s crypto bill comes amid the rollout of the European Union’s Markets in Crypto-Assets Regulation (MiCA) across member states ahead of a July 2026 compliance deadline for EU crypto businesses.

Critics say Bill 2050 is “exactly same bill”

The new version of Poland’s draft crypto bill provides an 84-page-long document that essentially replicates the original Bill 1424, aiming to designate the Polish Financial Supervision Authority as the country’s primary crypto asset market regulator.

Crypto advocates like Polish politician Tomasz Mentzen previously criticized Bill 1424 as “118 pages of overregulation,” particularly in comparison to shorter versions in other EU member states like Hungary or Romania.

“The government has once again adopted exactly the same bill on cryptoassets,” Mentzen wrote in an X post on Tuesday.

Source: Tomasz Mentzen

He also mocked Tusk’s claim that the president’s earlier veto was tied to the alleged involvement of the “Russian mafia,” saying: “The bill is perfect, and anyone who thinks otherwise is funded by Putin.”

Government spokesman Szłapka reportedly claimed that Nawrocki will likely not veto the proposed bill this time, following a classified security briefing in parliament last week and “now has full knowledge” of the implications on national security.

The issue with MiCA: Local versus centralized EU oversight

Poland’s debate over its crypto bill sets an important precedent for implementing the EU-wide MiCA regulation, as the proposed legislation would place responsibility for market supervision on the local financial regulator.

The issue is particularly significant amid calls from some member states for more centralized MiCA supervision under the Paris-based European Securities and Markets Authority (ESMA).