- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
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...
by Tom Moeller March 15, 2016
Total business inventories edged up 0.1% m/m (1.8% y/y) during January following no change in December, revised from 0.1%. Total business sales fell 0.4% m/m (-1.1% y/y), the fourth consecutive month of decline.
Retail inventories increased 0.3% m/m (5.7% y/y) following an unrevised 0.4% December gain. Motor vehicle & parts inventories were strong again and posted a 0.6% rise (8.1% y/y) after a 0.8% jump. Outside of the vehicle sector, retail inventories gained 0.2% (4.6% y/y), the same as during the prior month. Furniture & home furnishings inventories declined 0.5% (-0.7% y/y) following a 2.4% slump. To the upside were clothing inventories by 0.5% (5.2% y/y) after two straight months of 0.6% increase. Building materials inventories gained 0.3% (7.5% y/y) following a 0.4% decline. General merchandise store inventories gained 0.2% (3.1% y/y), the same as during the prior month. Food & beverage store inventories edged 0.1% higher (1.8% y/y) following two months of 0.1% decline.
Merchant wholesale inventories improved 0.3% (2.0% y/y) after three straight months of decline. Inventories in the manufacturing sector continued a lengthy decline and were down 0.4% (-1.7% y/y).
Overall business sales fell 0.4% (-1.1% y/y) following three straight months of decline. Retail sales were off 0.3% (+2.7% y/y) after a 0.2% gain. Wholesale sales plunged 1.3% (-3.1% y/y), down sharply for the fourth straight month, but factory sector shipments improved 0.3% (-2.3% y/y) following six straight months of decline.
The inventory to sales ration in the business sector edged up to 1.40, the highest level since May 2009. The ratio in the retail sector moved to a recovery high of 1.50 while excluding autos it held m/m at 1.30, also a high for the economic recovery. The I/S ratio in the clothing sector of 2.54 and 2.11 in the motor vehicle sector exceeded the 1.49 ratio amongst general merchandisers. Food & beverage stores maintained a ratio of 0.79. Merchant wholesales were at a cycle high of 1.35 while manufacturers' ratio dipped m/m to 1.36.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade (%)||Jan||Dec||Nov||Jan Y/Y||2015||2014||2013|
|Retail excl. Motor Vehicles||0.2||0.2||0.3||4.6||4.4||2.2||4.9|
|Business Sales (%)|
|Retail excl. Motor Vehicles||-0.3||0.2||0.2||1.9||-0.2||2.5||2.7|
|Retail Excl. Motor Vehicles||1.30||1.30||1.30||1.27||1.28||1.24||1.23|