- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- 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 November 9, 2016
Inventories at the wholesale level notched 0.1% higher (-0.1% y/y) during September following a 0.1% August slip, revised from -0.2%. The advance report had indicated a 0.2% September rise. Inventories of durable goods declined 0.4% (-1.9% y/y) after a 0.1% uptick. Motor vehicle inventories fell 1.7% (-2.8% y/y), but furniture inventories rose 0.5% (1.2% y/y). Computer equipment jumped 1.2% (-0.4% y/y) and machinery inventories eased 0.3% (+0.1% y/y). Inventories of nondurable products increased 0.9% (2.7% y/y) after a 0.4% decline. Apparel inventories declined 1.8% (-4.8% y/y) and offset a 3.8% rise in petroleum inventories (9.8% y/y).
Wholesale sales improved 0.2% (0.4% y/y) following a 0.7% increase. A 0.6% rise was expected in the Action Economics Forecast Survey. Sales of durable goods improved 0.2% (0.2% y/y) as motor vehicle sales increased 1.4% (-1.5% y/y), but electrical equipment sales increased 1.5% (1.4% y/y). Computer equipment sales rose 0.8% (-4.2% y/y) and machinery sales eased 0.1% (-1.9% y/y). Nondurable goods sales improved 0.1% (0.5% y/y) as petroleum sales surged 5.0% (1.7% y/y) with higher prices. Chemical sales increased 1.2% (-0.2% y/y), but apparel sales declined 1.1% (-2.6% y/y).
The inventory-to-sales ratio held steady at 1.33, and remained lower than January's 1.37 peak. The durable goods ratio eased to 1.66 and was down y/y from 1.70. The machinery I/S ratio rose y/y to 3.08, but the motor vehicles ratio eased y/y to 1.76. The computer industry's I/S ratio increased y/y to 0.83. In the nondurable goods sector, the I/S ratio of 1.02 was up y/y. The chemical sector's ratio of 1.24 compared to 1.13 in 2014. In the petroleum area, the I/S ratio of 0.46 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 (%)||Sep||Aug||Jul||Y/Y||2015||2014||2013|
|I/S Ratio||1.33||1.33||1.34||1.33 (Sept '15)||1.32||1.21||1.18|