- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
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)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Carol Stone, CBE September 15, 2016
Total business inventories decreased ever so slightly, -0.04% (+0.5% y/y), in July; June's 0.2% rise was unrevised. Total business sales slipped -0.2% (-0.8% y/y), pausing after June's 1.0% gain, which was revised from 1.2%.
Retail inventories went down 0.3% in July (+4.4% y/y), reversing a rise of 0.4% in June; that was revised from 0.5% reported before. Inventories excluding motor vehicles and parts dealers also fell 0.3% (2.9% y/y) following a 0.2% rise. Motor vehicle & parts inventories decreased -0.2% (+8.8% y/y), pausing after June's 0.8% advance. Food & beverage store inventories, which had gained 0.5% in June, revised from 0.7%, also paused in July (+2.6% y/y) at almost June's exact same level - that is, -$2 million. Inventories at building material & garden supply stores rose 0.6% (+4.3% y/y), continuing a modest up-and-down pattern of the previous few months. Inventories at other retailers decreased modestly in the latest month. Merchant wholesalers' inventories were also basically flat in July (+0.5% y/y) after June's 0.3% rise, as reported last weak, and manufacturers' inventories ticked up 0.1% (-2.9% y/y), also as reported earlier.
Total business sales, as noted, were down 0.2% in July (-0.8% y/y), somewhat a reaction to June's 1.0% gain. The decreases were widespread, with wholesalers off 0.4% (+2.9% y/y) after their sizable 1.7% advance in June. Factory shipments lost 0.2% (-3.0% y/y) after their 0.6% June gain. Total retail sales edged higher 0.1% (+2.0% y/y), but the segment excluding motor vehicles and parts saw sales down 0.4% (+2.9% y/y), with the declines spread across all major store groups.
The inventory-to-sales ratio was unchanged at 1.39 in July, its lowest level since November. The retail sector ratio moved down to 1.49 from June's 1.50, while the I/S ratio excluding autos was flat at 1.27, still the lowest since August 2015. Stocks at motor vehicle & parts dealers were lower relative to sales, at 2.23 in July versus 2.28 in June. Among durable goods outlets other than autos, stocks rose relative to sales, with furniture, appliances & electronics at 1.55 in July, up from 1.54, and building materials & garden supplies inventories at 1.84 months of sales, compared to 1.81 in June. The I/S ratio among nondurable goods outlets was mixed, with marginal movements across food, clothing, and general merchandise centers. Merchant wholesalers' I/S ratio moved up in July to 1.34 from 1.33 in June, and that at manufacturers was flat at 1.35.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade||Jul||Jun||May||Jul Y/Y||2015||2014||2013|
|Business Inventories (% chg)||-0.0||0.2||0.2||0.5||1.3||3.7||3.9|
|Retail excl. Motor Vehicles||-0.3||0.2||0.3||2.9||4.1||2.6||4.8|
|Business Sales (% chg)|
|Retail excl. Motor Vehicles||-0.4||1.0||0.2||2.9||0.2||3.2||2.6|
|Retail excl. Motor Vehicles||1.27||1.27||1.28||1.26||1.27||1.24||1.23|