- 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 July 12, 2016
Inventories at the wholesale level notched 0.1% higher during May following a 0.7% April increase, revised from 0.6%. Nondurable goods sector inventories rose 0.2% (4.9% y/y) after a 1.6% jump. Farm-product inventories were strong again and jumped 5.9% (25.9% y/y), while apparel inventories increased 1.2% (7.9% y/y). Petroleum & products inventories rose 3.2% (0.7% y/y). In the durable goods area, inventories rose 0.1% (-2.3% y/y). Electrical equipment inventories gained 1.1% (-3.2% y/y). Machinery inventories increased 0.5% (-1.5% y/y), but motor vehicle inventories fell 1.9% (+0.9% y/y).
Wholesale sector sales increased 0.5% (0.3% y/y) after a 0.8% April gain. Nondurable goods buying increased 0.5% (-1.6% y/y) as petroleum & petroleum product sales jumped another 5.6% (-15.7% y/y) with higher prices. Apparel sales surged 2.6% (2.4% y/y), but chemical sales fell 0.5% (-1.7% y/y). Durable goods purchases increased 0.6% (2.6% y/y), but motor vehicle sales fell 1.2% (-1.6% y/y). Furniture & home furnishings sales improved 1.3% (13.5% y/y). Machinery purchases eased 0.1% (+4.2%% y/y), but electrical equipment sales jumped 2.4% (3.2% y/y).
The inventory-to-sales ratio in the wholesale sector eased to 1.35, down from the expansion high of 1.37 reached in January. The nondurable goods ratio held steady at 1.05 as the petroleum ratio eased to 0.47. The ratio in the apparel sector backed off the record to 2.30, and the chemicals ratio was steady at an elevated 1.27. In the durable goods sector, the I/S ratio declined to 1.67, down from the August high of 1.72. The 3.02 machinery ratio was steady, but the ratio in electrical goods fell to 1.01. The ratio of 1.78 in the auto sector was down from expansion high of 1.81 reached in January. That was up sharply from 1.53 averaged in 2012.
The wholesale trade figures are available in Haver's USECON database.
|Wholesale Sector - NAICS Classification (%)||May||Apr||Mar||Y/Y||2015||2014||2013|
|I/S Ratio||1.35||1.36||1.36||1.31 (May '15)||1.30||1.20||1.18|