- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- 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 13, 2016
Total business inventories edged 0.1% lower m/m (+1.2% y/y) during February following a 0.1% dip in January, revised from +0.1%. Total business sales fell 0.4% m/m (-1.4% y/y), the seventh consecutive month of decline.
Retail inventories increased 0.6% (5.9% y/y) following a 0.4% rise, revised from 0.3%. Motor vehicle & parts inventories declined 2.1% (+1.4% y/y) following four months of little change. Outside of the vehicle sector, retail inventories gained 0.4% (1.2% y/y), after two months of decline. Furniture & home furnishings inventories rose 0.2% (0.6% y/y) following a 0.1% dip. Clothing inventories declined 0.9% (+0.1% y/y) after a 0.3% rise. Building materials inventories jumped 1.4% (10.8% y/y), the same as during the prior month. General merchandise store inventories gained 0.5% (1.2% y/y) after two months of decline. Food & beverage store inventories remained unchanged (1.2% y/y) for a second month.
Merchant wholesale inventories fell 0.5% (+0.6% y/y), the fifth consecutive month of decline. Inventories in the manufacturing sector continued a lengthy decline and were down 0.4% (-2.3% y/y).
Overall business sales fell 0.4% (-1.4% y/y). Retail sales were off 0.2% (+3.1% y/y) after a 0.3% decline. Wholesale sales dropped 0.2% (-3.1% y/y), down sharply for the fourth straight month, and factory sector shipments declined 0.7% (-3.5% y/y) following seven straight months of decline.
The inventory-to-sales ratio in the business sector remained at 1.41, the highest level since August 2009. The ratio in the retail sector moved to a recovery high of 1.51 while excluding autos it also moved to a recovery high of 1.31. The I/S ratio in the clothing sector of 2.56 and 2.14 in the motor vehicle sector exceeded the 1.49 ratio amongst general merchandisers. Food & beverage stores maintained a ratio of 0.80. Merchant wholesales were near a cycle high of 1.36 while manufacturers' ratio was steady m/m at 1.37.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade (%)||Feb||Jan||Dec||Feb Y/Y||2015||2014||2013|
|Retail excl. Motor Vehicles||0.3||0.2||0.2||4.2||4.4||2.2||4.9|
|Business Sales (%)|
|Retail excl. Motor Vehicles||-0.3||-0.2||0.2||1.8||-0.2||2.5||2.7|
|Retail Excl. Motor Vehicles||1.31||1.30||1.30||1.28||1.28||1.24||1.23|