- Retail Trade, Household Consumption (Feb), Population (Feb)
- Mauritius: PPI (Feb-Prelim)
- Business Sentiment Survey (Mar)
- Korea: Building Permits (Feb); Philippines: LFS (Q3); Thailand: PPI (Mar-Press)
- Japan: First Ten Days Trade (Mar), International Trade, Real Trade Indexes (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency
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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
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...
by Tom Moeller March 9, 2016
Inventories at the wholesale level increased 0.3% (2.0% y/y) following little change in December, revised from -0.1%. The increase reflected a 1.1% rise in the nondurable goods sector despite a 1.6% shortfall (-11.2% y/y) in petroleum inventories. Paper & products inventories increased 4.2% (2.6% y/y) while apparel inventories ticked 0.1% higher (13.5% y/y). A 0.3% drop (-0.4% y/y) in durable goods inventories was the sixth down month in the last seven. Electrical equipment inventories fell 3.6% (-0.9% y/y), but motor vehicle & parts inventories increased 1.5% (12.0% y/y). Furniture inventories rose 0.9% (6.0% y/y) as machinery & hardware inventories gained 0.2% (-0.8% y/y).
Wholesale sector sales declined 1.3% (-6.4% y/y), also down for the sixth month in the last seven. Durable goods sales fell 1.9% (-6.7% y/y) as furniture & home furnishings sales dropped 5.3% (-0.3% y/y). Computer equipment sales declined 6.4% (-14.0% y/y) and machinery sales eased 0.2% (-5.1% y/y). The 0.8% decline (-6.0% y/y) in nondurable goods shipments reflected a 6.9% drop (-25.8% y/y) in petroleum sales. Chemical sales fell 2.0% (-7.8% y/y), but apparel sales increased 1.1% (-1.8% y/y). Paper products sales increased 1.1% (1.5% y/y).
The wholesale trade inventory-to-sales ratio rose to 1.35, up from 1.14 during all of 2010 and 2011. The nondurable I/S ratio surged to 1.04 as the petroleum ratio jumped to 0.52. The ratio in the apparel sector of 2.10 was increased from 1.88 one year ago and the chemicals ratio of 1.27 also was elevated. The I/S ratio in the durable goods sector of 1.67 reflected a higher 2.85 in machinery and an increased 2.20 ratio in metals. The ratio of 1.00 in electrical goods also was just recently higher.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||Jan||Dec||Nov||Y/Y||2015||2014||2013|
|I/S Ratio||1.35||1.33||1.32||1.28 (Jan. '15)||1.30||1.20||1.18|