- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- more updates...
Economy in Brief
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...
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...
by Tom Moeller May 10, 2016
Inventories at the wholesale level nudged 0.1% higher (0.2% y/y) during March following a 0.6% decline in February, revised from -0.5%. Nondurable goods sector inventories rose 0.5% (4.6% y/y) as petroleum inventories increased 3.3% (-3.8% y/y). Farm-product inventories gained 1.3% (-4.1% y/y) while apparel inventories improved 0.2% (9.3% y/y). In the durable goods area, inventories eased 0.1% (-0.2% y/y) as electrical equipment inventories fell 1.6% (-6.3% y/y). Motor vehicle inventories increased 1.0% (6.7% y/y). Furniture & home furnishing inventories gained 0.3% (4.8% y/y), but electrical product inventories declined 1.6% (-6.3% y/y).
Wholesale sector sales increased 0.7% (0.8% y/y) following four months of decline. Nondurable goods sales recovered 1.6% (-0.7% y/y) as petroleum & petroleum product sales jumped 13.5% (-23.6% y/y) with higher prices. Paper product sales eased 0.1% (+7.2% y/y), but apparel sales declined 5.9% (-2.8% y/y). Durable goods sales slipped 0.2% (+2.4% y/y) as motor vehicle sales fell 0.7% (+0.9% y/y). Furniture & home furnishings sales improved 0.6% (7.6% y/y). Electrical equipment sales increased 1.3% (6.5% y/y), but machinery sales were little changed (0.7% y/y).
The wholesale trade inventory-to-sales ratio remained at 1.36, near the highest level of the economic expansion. The nondurable I/S ratio eased to a near-record 1.05 as the petroleum ratio fell to 0.52. The ratio in the apparel sector jumped to a record 2.32, but the chemicals ratio fell to a still high 1.24. The I/S ratio in the durable goods sector held at a lessened 1.68. The 3.04 machinery ratio was steady, but the ratio in electrical goods fell to 0.97. The ratio of 1.83 in the auto sector was the highest of the economic expansion.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||Mar||Feb||Jan||Y/Y||2015||2014||2013|
|I/S Ratio||1.36||1.36||1.37||1.32 (Mar. '15)||1.30||1.20||1.18|