- 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 June 9, 2016
Inventories at the wholesale level increased 0.6% during April following a 0.2% March gain, revised from 0.1%. It was the largest increase since last June. Nondurable goods sector inventories rose 1.3% (5.5% y/y) as farm-product inventories jumped 7.5% (12.1% y/y) and drug store inventories gained 2.2% (13.0% y/y). Apparel inventories increased 1.1% (9.3% y/y) and petroleum & products inventories rose 0.4% (-4.6 y/y). In the durable goods area, inventories rose 0.2% (-1.9% y/y) as lumber inventories jumped 1.3% (0.7% y/y). Electrical equipment inventories gained 0.6% (-4.4% y/y). Machinery inventories increased 0.7% (1.4% y/y), but furniture & related product inventories fell 0.5% (+4.1% y/y).
Wholesale sector sales increased 1.0% (-5.3% y/y) after a 0.6% March gain. Nondurable goods buying increased 1.5% (-6.4% y/y) as petroleum & petroleum product sales jumped another 9.0% (-18.9% y/y) with higher prices. Paper product sales strengthened 1.1% (0.6% y/y) and apparel sales rose 0.3 % (-8.3% y/y). Durable goods purchases increased 0.4% (-4.1% y/y) as motor vehicle sales rose 1.6% (-4.1% y/y). Furniture & home furnishings sales improved 1.8% (1.1% y/y). Machinery purchases rose 1.5% (0.4% y/y), but electrical equipment sales declined 2.7% (-7.4% y/y).
The inventory-to-sales ratio in the wholesale sector eased to 1.35, down from the expansion high of 1.37 reached three months earlier. The nondurable ratio eased to 1.04 as the petroleum ratio fell to 0.48. The ratio in the apparel sector improved to a record 2.33, and the chemicals ratio rose to 1.26, after falling in the prior two months. In the durable goods sector, the ratio eased to 1.68, down from the August high of 1.72. The 3.01 machinery ratio was steady, but the ratio in electrical goods recovered to 1.03. The ratio of 1.81 in the auto sector was nearly the highest level of the economic expansion.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||Apr||Mar||Feb||Y/Y||2015||2014||2013|
|I/S Ratio||1.35||1.36||1.36||1.31 (Apr. '15)||1.30||1.20||1.18|