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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
by Tom Moeller March 4, 2005
Factory inventories jumped 1.3% in January led higher by broad based industry gains. Less petroleum which jumped 8.6% (18.3% y/y), inventories increased 1.0% (8.1% y/y).
Shipments out of the factory sector surged 1.4% but were notable for primary metals (32.0% y/y), machinery (20.6% y/y), computers & electronics (11.1% y/y) and chemicals (11.7% y/y).
Orders to the factory sector rose 0.2%. The advance report of a 0.9% decline in durable goods was revised deeper to 1.3% (+11.4% y/y). Nondefense capital goods orders less aircraft was unrevised at +2.9% (17.1% y/y).
Unfilled orders fell 0.2% for the first decline in a year. Fewer supply bottlenecks were indicated as the ratio of unfilled orders to shipments for durables fell sharply for the second month.
| Factory Survey (NAICS) | Jan | Dec | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Inventories | 1.3% | 0.1% | 8.5% | 7.5% | -1.3% | -1.8% |
| New Orders | 0.2% | 0.5% | 11.3% | 10.9% | 3.7% | -1.9% |
| Shipments | 1.4% | 1.2% | 11.7% | 10.5% | 2.6% | -2.0% |
| Unfilled Orders | -0.2% | 0.5% | 8.9% | 9.1% | 4.2% | -6.1% |
