- 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 January 11, 2017
Inventories at the wholesale level jumped 1.0% (1.6% y/y) during November following a revised -0.1% dip, initially reported as -0.4%. The advance report indicated a 1.3% November increase. Inventories of durable goods increased 1.0% (-0.3% y/y) after a 0.1% uptick. Motor vehicle inventories surged 3.2% (2.5% y/y), while furniture inventories rose 0.1% (3.7% y/y). Computer equipment stockpiles strengthened 2.0% (2.0% y/y), but machinery inventories were off 0.2% (-1.7% y/y). Inventories of nondurable products also strengthened 1.0% (4.1% y/y) after a 0.4% decline. Petroleum inventories increased 2.7% (10.9% y/y) while chemical stockpiles increased 0.9% (-0.8% y/y). Inventories of paper posted a 0.9% increase (3.4% y/y), but apparel inventories eased 0.5% (-4.0% y/y).
Wholesale sales increased 0.4% (3.4% y/y) after a 1.1% rise, initially reported as 1.4%. A 0.4% rise was expected in the Action Economics Forecast Survey. Nondurable goods sales improved 0.4% (4.3% y/y), but petroleum sales fell 3.5% (+9.2% y/y) following their 4.8% surge. Chemical sales increased 1.4% (4.8% y/y), but apparel sales declined 3.0% (-5.9% y/y). Sales of durable goods improved 0.4% (2.3% y/y) while electrical product sales declined 2.4% (-0.9% y/y). Metals sales increased 0.9% (-0.6% y/y). Motor vehicle sales improved 0.5% (2.3% y/y), and computer equipment sales rose 0.6% (-3.8% y/y).
The inventory-to-sales ratio of 1.32 remained lower than January's 1.37 peak. The durable goods ratio of 1.65 was down from the 1.72 around the middle of last year. The machinery I/S ratio eased y/y to 2.94, but the motor vehicles ratio remained steady y/y at 1.80. The computer industry's I/S ratio jumped to 0.86 from 0.79 in June. The electrical equipment industry's I/S ratio fell to 1.01 from its 1.08 peak during March of 2015. In the nondurable goods sector, the I/S ratio of 1.01 was down from 1.06 in February 2016. The chemical sector's ratio of 1.18 was down sharply y/y. In the petroleum sector, the I/S ratio of 0.47 compared to 0.57 nine months earlier.
The wholesale trade figures are available in Haver's USECON database. The Action Economic Survey results are contained in AS1REPNA.
|Wholesale Sector - NAICS Classification (%)||Nov||Oct||Sep||Nov Y/Y||2015||2014||2013|
|I/S Ratio||1.32||1.31||1.32||1.34 (Nov '15)||1.32||1.21||1.18|