- Japan: Index of Business Conditions (Feb-Final), Electric Power Generated (Jan)
- Spain: Services Sector Activity, New Orders and Turnovers (Feb)
- Finland: PPI, Domestic Supply Prices (Mar)
- US: NABE Business Conditions Survey (Q1)
- Indonesia: Non-Oil and Gas Trade (Feb); Taiwan: Labor Market (Mar)
- Egypt: IP (Feb)
- more updates...
Economy in Brief
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Philadelphia Fed Factory Conditions Soften
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index fell to 22.0 during April...
U.S. Leading Economic Indicators Suggest Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (3.5% y/y) during March...
U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
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|