- 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 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|