- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
- Kazakhstan: GDP by Income, Labor Productivity Index (Q4), Loans and Deposits, Monetary Aggregates, Banking System Surveys, Public Finance (Mar)
- more updates...
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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|