Recent Updates
- Israel: Average Housing Prices (Q2)
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Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller June 15, 2005
Total business inventories rose just 0.3% in April, the weakest monthly increase this year. The gain lowered the three month change in inventories to 5.5% (AR), less than half the 12.1% peak rate of accumulation through last August. The ratio of inventories-to-sales fell back to the record low of 1.30.
Retail inventories rose 0.2% in April, the same as during a downwardly revised March. The three month change in retail inventories fell to 3.1% versus the peak of 12.4% one year ago. Excluding autos inventories also repeated a 0.2% gain in April and the three month rate of accumulation fell to 3.9% from 11.0% just this past January. Growth in inventories of furniture & electronics dropped to 4.3% from 18.5%, general merchandise inventory accumulation slowed to 7.3% from 12.1% and apparel inventories rose 5.8% versus a three month rate of gain of 12.2% through March.
Factory sector inventories ticked up just 0.1% in April and three month growth fell to 5.8%, half the three month rate in March.
Wholesale inventories rose a strong 0.8% but here too the three month growth rate of 8.2% is less than half last summer's peak rate of gain. During the last ten years there has been a 64% correlation between the y/y change in wholesale inventories and the change in imports of merchandise.
Overall business sales rose a sharp 1.2% (8.3% y/y).
Business Inventories | April | March | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Total | 0.3% | 0.5% | 7.6% | 7.7% | 1.4% | 1.6% |
Retail | 0.2% | 0.2% | 3.6% | 5.7% | 3.9% | 5.9% |
Retail excl. Autos | 0.2% | 0.2% | 6.1% | 5.9% | 2.0% | 2.3% |
Wholesale | 0.8% | 0.6% | 11.8% | 10.8% | 2.0% | 1.2% |
Manufacturing | 0.1% | 0.7% | 8.6% | 7.5% | -1.3% | -1.8% |