- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
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...
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)...
by Tom Moeller April 8, 2016
Inventories at the wholesale level declined 0.5% during February (+0.5% y/y) following a 0.2% January drop, revised from +0.3%. The shortfall reflected a 1.1% decline (+3.7% y/y) in the nondurable goods sector, despite a 1.5% rise (-9.6% y/y) in petroleum inventories. Farm-product inventories fell 4.2% (-7.3% y/y) while apparel inventories were off 1.3% (+9.6% y/y). To the upside, grocery & related product inventories rose 0.9% (4.4% y/y). In the durable goods area, inventories eased 0.1% (-1.3% y/y) as motor vehicle inventories fell 1.0% (+5.5% y/y). Furniture & home furnishing inventories remained unchanged (+6.6% y/y) while electrical product inventories rose 2.0% (-0.6% y/y).
Wholesale sector sales eased 0.2% (+0.7% y/y), down for the fourth straight month. Nondurable goods sales declined 1.6% (-2.4% y/y) as petroleum & petroleum product sales dropped 10.1% (-32.8% y/y) with lower prices. Paper product sales declined 1.4% (+9.8% y/y), but apparel sales gained 1.7% (11.2% y/y). Durable goods sales recovered 1.2% (4.2% y/y) as furniture & home furnishings sales rebounded 2.3% (8.9% y/y). Electrical equipment sales recovered 3.1% (6.4% y/y), but machinery sales declined 1.4% (+4.8% y/y).
The wholesale trade inventory-to-sales ratio eased to 1.36, but remained near the highest level of the economic expansions. The nondurable I/S ratio held at a record 1.05 as the petroleum ratio remained in record territory at 0.57. The ratio in the apparel sector of 2.14 was increased slightly y/y, and the chemicals ratio at 1.29 remained elevated. The I/S ratio in the durable goods sector eased to 1.69, down slightly from last year's high. The 3.05 machinery ratio was steady as was the ratio of 1.04 in electrical goods.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||Feb||Jan||Dec||Y/Y||2015||2014||2013|
|I/S Ratio||1.36||1.37||1.34||1.31 (Feb. '15)||1.30||1.20||1.18|