Recent Updates

  • Japan: First 10 Days Trade (Jun), Loans and Discounts Outstanding, Banking Accounts - Regional Banks, Financial Institutions Accounts (May), Wholesale & Retail Trade (May-Prelim)
  • Korea: Economic Sentiment and Business Survey Index (Jun)
  • BIS: Consumer Prices (May)
  • Brazil: PPI (May); Argentina: Registered Employment (Q4)
  • US: IIP with revisions (Q1), Adv Trade & Inventories (May)
  • Retail Sales by Province and Autonomous Community (May)
  • more updates...

Economy in Brief

U.S. Wholesale Inventories and Sales Ease
by Tom Moeller  February 10, 2016

Inventories at the wholesale level ticked 0.1% lower (+1.8% y/y) during December following a 0.4% November decline, revised from -0.3%. The decline reflected a broad-based 0.3% fall (+0.5% y/y) in durable goods inventories. Lumber & construction materials inventories fell 1.5% (+0.4% y/y) while computer equipment declined 0.9% (4.8% y/y). Machinery inventories declined 0.5% (-1.0% y/y), but electrical equipment increased 1.0% (6.0% y/y). Nondurable goods inventories ticked 0.1% higher (+3.8% y/y) despite a 7.8% decline (-11.8% y/y) in petroleum. Chemical inventories gained 2.3% (4.1% y/y) and apparel increased 2.1% (15.1% y/y).

Wholesale sales declined 0.3% (-4.2% y/y) led by a 4.5% decline (-29.9% y/y) in petroleum. Excluding petroleum, wholesale sales fell 1.5% y/y. Apparel sales declined 4.5% (+1.6% y/y) and chemical sales were off 1.4% (-4.4% y/y). Grocery sales declined 1.1% (-2.8% y/y) but farm product sales increased 2.5% (-16.5% y/y). Durable goods sales rose 0.3% (-2.6% y/y). Motor vehicle & parts sales increased 2.5% (3.8% y/y) while machinery sales improved 0.4% (-3.1% y/y). Sales of electrical equipment declined 1.9% (-5.6% y/y).

The inventory-to-sales ratio held steady m/m at 1.32, but was elevated versus 1.24 twelve months earlier. The nondurable goods I/S ratio of 1.02 compared to 0.92 a year ago, and chemicals rose to 1.25 from 1.15. Apparel increased to 2.13 from 1.86 while petroleum rose y/y to 0.48 from 0.38. The durable goods I/S ratio rose to 1.64 from 1.58 in December 2014 as motor vehicle & parts improved to 1.74 from 1.61. Electrical equipment increased to 1.02 from 0.90, and machinery gained y/y to 2.85 from 2.79.

The wholesale trade figures are available in Haver's USECON database.

Wholesale Sector - NAICS Classification (%) Dec Nov Oct Y/Y 2015 2014 2013
Inventories -0.1 -0.4 -0.3 1.8 1.8 6.7 4.1
Sales -0.3 -1.3 -0.2 -4.2 -3.6 4.3 3.0
I/S Ratio 1.32 1.32 1.31 1.24 (Dec. '14) 1.30 1.20 1.18
close
large image