- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller January 11, 2016
Inventories at the wholesale level fell 0.3% during November, the same as in October. The decline reflected a 0.9% fall in durable goods due to a 3.0% drop in metal & minerals (excl. petroleum -13.3% y/y). Electrical goods inventories rose 0.1% (+3.6% y/y) and motor vehicle inventories improved 0.4% (12.5% y/y). Nondurable goods inventories declined 0.5% (+3.5% y/y) as farm products dropped 7.1% (-10.6% y/y) and apparel inventories fell 1.0% (+12.6% y/y). Petroleum inventories increased 2.3% but remained down 9.1% y/y with lower prices. Chemical inventories were roughly unchanged (+4.7% y/y).
Sales in the wholesale sector fell 1.0% (-2.0% y/y) following a 0.2% shortfall. Nondurable goods sales declined 2.4% (-5.1% y/y) as petroleum sales were off 7.4% (-36.8% y/y). Apparel sales fell 1.8% (+6.8% y/y) but grocery product sales improved 0.4% (1.0% y/y). In the durable goods sector, sales gained 0.4% (1.5% y/y). Furniture purchases rose 1.9% (10.9% y/y) and machinery equipment sales increased 0.6% (2.3% y/y). Electrical goods sales rose 0.3% (5.5% y/y).
The inventory-to-sales ratio ticked higher to 1.32, up sharply from 1.14 averaged in 2010 and 2011. The motor vehicle ratio increased to 1.78, the expansion's high. The ratio for furniture & home furnishings offset this rise with a sharp decline to 1.57, but has moved erratically sideways during the economic expansion. The nondurable goods ratio rose to 1.00, the highest level since 2001.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||Nov||Oct||Sep||Y/Y||2014||2013||2012|
|I/S Ratio||1.32||1.31||1.31||1.23 (Nov. '14)||1.20||1.18||1.16|