- 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
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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 February 9, 2017
Inventories at the wholesale level jumped another 1.0% (2.8% y/y) during December, the same as in November. The advance report indicated a 1.1% December increase. Inventories of durable goods increased 0.7% (0.8% y/y) after a 1.0% rise. Motor vehicle inventories strengthened 2.0% (4.4% y/y), but furniture inventories declined 0.6% (2.9% y/y). Computer equipment stockpiles strengthened 1.1% (4.5% y/y), while machinery inventories ticked 0.1% higher (-1.1% y/y). Inventories of nondurable products jumped 1.4% (5.8% y/y) after a 1.0% increase. Petroleum inventories increased 10.1% (35.8% y/y) while chemical stockpiles jumped 3.3% (0.4% y/y). Inventories of paper posted a 0.5% decrease (+2.6% y/y), and apparel inventories declined 0.9% (-7.1% y/y). Farm-product stockpiles decreased 0.9% (+16.5% y/y).
Wholesale sales jumped 2.6% (3.7% y/y) after a 0.5% rise. A 0.6% rise was expected in the Action Economics Forecast Survey. Nondurable goods sales improved 2.8% (5.5% y/y) as petroleum sales jumped 15.0% (33.4% y/y). Chemical sales improved 0.6% (5.3% y/y), and apparel sales rebounded 3.5% (-2.5% y/y). Sales of durable goods surged 2.4% (1.8% y/y) while electrical product sales strengthened 3.7% (4.0% y/y). Metals sales increased 2.8% both m/m and y/y. Motor vehicle sales improved 5.5% (3.1% y/y) and computer equipment sales strengthened 3.6% (-3.5% y/y). Sales of machinery declined 1.0% (-2.6% y/y).
The inventory-to-sales ratio of 1.29 remained lower than January's 1.37 peak. The durable goods ratio of 1.62 was down from 1.72 around the middle of last year. The machinery I/S ratio eased y/y to 2.98, while the motor vehicles ratio slipped y/y to 1.74. The computer industry's I/S ratio backpedaled to 0.84 from the 0.87 November high. The electrical equipment industry's I/S ratio fell to 0.96 from its 1.08 peak during March of 2015. In the nondurable goods sector, the I/S ratio of 0.990 was down from 1.06 last February. The chemical sector's ratio of 1.21 was down sharply y/y. In the petroleum sector, the I/S ratio of 0.46 compared to 0.57 early in the year.
The wholesale trade figures are available in Haver's USECON database. The Action Economic Survey results are contained in AS1REPNA.
|Wholesale Sector - NAICS Classification (%)||Dec||Nov||Oct||Dec Y/Y||2016||2015||2014|
|I/S Ratio||1.29||1.32||1.31||1.35 (Dec '15)||1.34||1.32||1.21|