- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
- Kazakhstan: GDP by Income, Labor Productivity Index (Q4), Loans and Deposits, Monetary Aggregates, Banking System Surveys, Public Finance (Mar)
- more updates...
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by Tom Moeller March 8, 2017
Inventories at the wholesale level fell 0.2% (+2.4% y/y) during January following an unrevised 1.0% December jump. The advance report issued last week also indicated a 0.2% January decline. Inventories of durable goods eased 0.2% (+1.0% y/y) after two months of strong increase. Motor vehicle inventories fell 3.1%, unchanged y/y, but furniture inventories increased 2.3% (4.2% y/y). Computer equipment stockpiles strengthened 3.5% (9.9% y/y), while machinery inventories eased 0.3% (-1.4% y/y). Inventories of nondurable products remained little-changed (4.3% y/y), also following two months of strong increase. Petroleum inventories decreased 2.1% (+36.6% y/y) while chemical stockpiles fell 2.8% (-0.7% y/y). Grocery product inventories jumped 1.6% (3.2% y/y) while paper inventories posted a 0.7% decrease (-0.5%)
Wholesale sales eased 0.1% (+11.8% y/y) after a 2.4% rise. A 0.7% rise was expected in the Action Economics Forecast Survey. Nondurable goods sales fell 0.3% (+12.8% y/y) as petroleum sales declined 1.3% (+50.0% y/y). Chemical sales improved 3.2% (13 .3% y/y), but apparel sales eased 1.6% (-2.2% y/y). Sales of durable goods were little-changed (10.8% y/y) while electrical product sales declined 2.0% (+7.5% y/y). Metals sales increased 0.6% (7.7% y/y). Motor vehicle sales improved 3.2% (16.0% y/y), but computer equipment sales fell 1.3% (+1.4% y/y). Sales of machinery improved 0.5% (5.7% y/y).
The inventory-to-sales ratio held at 1.29, but remained lower than last January's 1.37 peak. The durable goods ratio of 1.61 was down from 1.72 around the middle of 2016. The machinery I/S ratio fell y/y to 2.94, while the motor vehicles ratio dropped sharply to 1.62. The computer industry's I/S ratio strengthened to 0.91 from the 0.79 June low. The electrical equipment industry's I/S ratio improved to 0.98, but remained lower than its 1.08 peak during March of 2015. In the nondurable goods sector, the I/S ratio of 1.02 was down from 1.06 three months ago. The chemical sector's ratio of 1.15 remained down sharply y/y. In the petroleum sector, the I/S ratio of 0.46 compared to 0.57 early last 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 (%)||Jan||Dec||Nov||Jan Y/Y||2016||2015||2014|
|I/S Ratio||1.29||1.29||1.32||1.37 (Jan '16)||1.34||1.32||1.21|