- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
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...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller October 14, 2016
Total business inventories increased 0.2% during August (0.7% y/y) following an unrevised little change in July. Total business sales also increased 0.2%, and were little changed y/y. The inventory-to-sales ratio remained stable at 1.39, down sharply from where it was during Q1.
New data in this report was that retail inventories jumped 0.6% (4.8% y/y) following a 0.2% decline. The rise was powered by a 1.2% surge (10.2% y/y) in motor vehicle inventories. Excluding autos, inventories worked 0.3% higher (2.1% y/y). That gain reflected a 0.5% rise in furniture inventories, but they were little changed y/y. Building material inventories grew 0.7% (4.4% y/y), but clothing inventories rose just 0.2% (1.8% y/y). Food & beverage store inventories gained 0.2% (2.4% y/y), but general merchandise store inventories fell 0.3% (-1.5% y/y). As reported earlier, wholesale inventories declined 0.2% (-0.1% y/y) while factory inventories were up 0.2% (-2.2% y/y).
Business sales increased 0.2% in August (-0.0% y/y) after a 0.3% decline. Merchant wholesale sales led the way higher with a 0.7% increase (0.6% y/y) following a 0.6% decline. Factory sector shipments remained steady (-2.0% y/y) after a 0.4% decline, and retail sales fell 0.3% (+1.6% y/y) after a 0.1% uptick.
The overall business inventory-to-sales ratio remained steady m/m at 1.39, though that was up from 1.38 one year earlier. The retail I/S ratio rose to 1.51, its highest level since March, while the ratio excluding autos also nudged up to 1.28. That still was down from 1.30 six months ago. The wholesale sector I/S ratio eased to 1.33, while it rose to 1.36 in the factory sector.
The manufacturing and trade data are in Haver's USECON database.
|Manufacturing & Trade||Aug||Jul||Jun||Aug Y/Y||2015||2014||2013|
|Business Inventories (% chg)||0.2||-0.0||0.2||0.7||1.3||3.7||3.9|
|Retail excl. Motor Vehicles||0.3||-0.4||0.2||2.1||4.1||2.6||4.8|
|Business Sales (% chg)|
|Retail excl. Motor Vehicles||-0.3||-0.4||0.8||2.9||0.2||3.2||2.6|
|Retail excl. Motor Vehicles||1.28||1.27||1.27||1.27||1.27||1.24||1.23|