Global| Apr 15 2002Business Inventories Continue Falling
by:Tom Moeller
|in:Economy in Brief
Summary
Total business inventories fell in February about as expected. The previously reported rise in January inventories was revised to a slight decline as a result of lowered figures in the nonauto retail, wholesale and factory sectors. [...]
Total business inventories fell in February about as expected. The previously reported rise in January inventories was revised to a slight decline as a result of lowered figures in the nonauto retail, wholesale and factory sectors.
Nonauto retail inventories, the new news in today's report, fell due to a 2.2% (-7.2% y/y) decline in apparel inventories. Inventories in the retail furniture sector, where demand has been strong, rose for the fifth consecutive month.
Inventories of general merchandise also rose (-2.4% y/y) following three months of sharp decline.
Overall business sales fell 0.9%(-2.9% y/y), reversing a January increase.
The inventory-to-sales ratio rose slightly to 1.38 from a downwardly revised January, but remained below 1.42 for all of last year.
| Business Inventories | Feb | Jan | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| Total | -0.1% | -0.1% | -6.0% | -6.0% | 6.0% | 5.0% |
| Retail | 0.7% | 1.0% | -2.8% | -4.7% | 6.8% | 7.6% |
| Retail excl. Autos | -0.1% | 0.1% | -1.9% | -1.8% | 4.4% | 5.5% |
| Wholesale | -0.7% | -0.5% | -5.8% | -5.3% | 7.1% | 6.1% |
| Manufacturing | -0.4% | -0.8% | -8.8% | -7.5% | 4.6% | 2.3% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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