- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Sandy Batten February 12, 2016
Total business inventories edged up 0.1% m/m (1.7% y/y) in December, following a 0.1% m/m decline in both November and October. Total business sales fell 0.6% m/m (-2.7% y/y) in December for their third consecutive monthly decline.
Retail inventories increased 0.4% m/m (5.4% y/y) on top of a 0.3% m/m gain in November. Motor vehicle & parts inventories jumped 0.9% (+7.3% y/y), the largest monthly change in the fourth quarter. Outside of the vehicle sector, retail inventories gained 0.2% (4.5% y/y) after two months of 0.3% increases. The new information in today's report was retail inventories. Including revisions, the retail inventory data was slightly softer than that assumed by the BEA in its first estimate of 4Q GDP. Consequently, they point, at least on the margin, to a small downward revision to the second estimate of the fourth quarter figures to be released on February 26.
Merchant wholesalers inventories eased 0.1% (+1.9% y/y) while the value of factory sector stockpiles rose 0.2% (-1.6% y/y), their first increase in six months.
The 0.6% m/m decline in business sales in December was led by a 1.4% m/m drop in manufacturing shipments (sales). Retail sales were unchanged in the month while wholesale sales slipped 0.3% m/m.
The business sector inventory-to-sales ratio rose to 1.39, its highest level since May 2009. The rise reflected a jump in the manufacturing sector to 1.38 from 1.35, its highest reading since July 2009 and a slight rise in the retail sector to 1.49 from 1.48, its highest level since May 2009. The merchant wholesale I/S ratio was unchanged at 1.32.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade (%)||Dec||Nov||Oct||Dec Y/Y||2015||2014||2013|
|Retail excl. Motor Vehicles||0.2||0.3||0.3||4.5||4.5||2.2||4.9|
|Business Sales (%)|
|Retail excl. Motor Vehicles||-0.1||0.2||0.0||0.4||-3.3||2.6||2.6|
|Retail Excl. Motor Vehicles||1.30||1.30||1.29||1.24||1.30||1.24||1.23|