- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
- 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 October 7, 2016
Inventories at the wholesale level fell 0.2% (-0.1% y/y) during August after a 0.1% easing in July, revised from no change. The advance report had indicated a 0.1% August dip. Inventories of durable goods rose 0.2% (-1.9% y/y) after a 0.3% rise. Motor vehicle inventories gained 0.7% (0.3% y/y) while furniture inventories rose 0.4% (1.4% y/y). Computer equipment jumped 1.9% (-3.5% y/y) and machinery inventories gained 0.1% (-15.3% y/y). Inventories of nondurable products fell 0.7% (+2.8% y/y) after a 0.8% decline. Apparel inventories declined 2.1% (-1.2% y/y) and offset a 2.4% rise in petroleum (+4.0% y/y).
Wholesale sales increased 0.7% (0.6% y/y) following a 0.6% fall. No change was expected in the Action Economics Forecast Survey. Sales of nondurable goods jumped 2.0% (0.5% y/y) as farm product sales surged 6.7% (10.0% y/y). Petroleum sales increased 2.0% (-8.1% y/y), while apparel sales increased 2.4% (0.3% y/y). Durable goods sales declined 0.5% (+0.7% y/y). Motor vehicle sales increased 1.4% (-1.6% y/y), but machinery sales declined 2.7% (-1.3% y/y). Computer equipment sales were off 1.6% (-2.0% y/y) and electrical product sales fell 0.4% (+2.2% y/y).
The inventory-to-sales ratio declined to 1.33 from 1.34. These ratios remained lower than January's 1.37 peak. The durable goods ratio rose to 1.67, but was down y/y from 1.72. The machinery I/S ratio was stable y/y at 3.08, but the motor vehicles ratio rose y/y to 1.82. The computer industry's I/S ratio also was stable at 0.83. In the nondurable goods sector, the I/S ratio of 1.01 was up from 0.87 in all of 2014. The chemical sector's ratio of 1.26 compared to 1.13 in 2014. In the petroleum area, the I/S ratio of 0.47 compared to 0.33 two years ago.
The wholesale trade figures are available in Haver's USECON database. The Action Economic Survey results are contained in AS1REPNA.
|Wholesale Sector - NAICS Classification (%)||Aug||Jul||Jun||Y/Y||2015||2014||2013|
|I/S Ratio||1.33||1.34||1.33||1.34 (Aug '15)||1.32||1.21||1.18|