- 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
Fresh Six-Year PMI Highs for Euro Area
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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 August 12, 2016
Total business inventories edged 0.2% higher (0.5% y/y) during June following an unrevised 0.2% increase in May. Total business sales strengthened 1.2% (-0.6% y/y) after a 0.3% rise, revised from 0.2%.
Retail inventories rose 0.5% (5.5% y/y) for a second consecutive month. Inventories excluding motor vehicles and parts rose 0.2% m/m (2.9% y/y) after a 0.3% rise. Motor vehicle & parts inventories inventories increased 0.9% (10.9% y/y) and have been strengthening all year. Food & beverage store inventories increased 0.7% (3.1% y/y), but gains elsewhere in the retail sector have been declining or minimal. Merchant wholesale inventories increased 0.3%, as reported earlier this weak, and factory sector inventories eased 0.1%, also as reported earlier.
Total business sales jumped 1.2%, but remained down 0.6% y/y. Sales were strong across sectors. Wholesale sector sales strengthened 1.9% (-0.4% y/y) after two firm monthly increases. Retail sales increased 0.9% (2.6% y/y), as already reported. Sales excluding autos jumped 1.0% (2.9% y/y) on the strength of building material sales. Factory sector shipments improved 0.7%, but they were down 3.5% y/y.
The inventory to sales ratio eased to 1.39, its lowest level since November. The retail sector ratio held steady at 1.50. The I/S ratio excluding autos, however, declined to 1.27, its lowest level since August. Inventory control in the durable goods sector, outside of autos, has been notable. The I/S ratio in the soft goods area, however, has been rising. Merchant wholesalers have been lowering their I/S ratio, as have manufacturers.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade||Jun||May||Apr||Jun Y/Y||2015||2014||2013|
|Business Inventories (% chg)||0.2||0.2||0.1||0.5||1.3||3.7||3.9|
|Retail excl. Motor Vehicles||0.2||0.3||-0.2||2.9||4.1||2.6||4.8|
|Business Sales (% chg)|
|Retail excl. Motor Vehicles||1.0||0.2||1.0||2.9||0.2||3.2||2.6|
|Retail excl. Motor Vehicles||1.27||1.28||1.28||1.27||1.27||1.24||1.23|