Recent Updates
- US: Consumer Sentiment (Feb-final), Chicago PMI (Feb),Personal Income, Adv Trade & Inventories (Jan)
- US: Consumer Sentiment Detail (Feb-final)
- Canada: Industrial Product Prices (Jan)
- UK: Motor Vehicle Production (Jan)
- more updates...
Economy in Brief
Chicago Business Barometer Declines Sharply in February
The ISM-Chicago Purchasing Managers Business Barometer fell 4.3 points in February to 59.5...
Goods Trade Deficit Widened Slightly in January
The advance estimate of the U.S. trade deficit in goods widened slightly to $83.74 billion in January..
Japan's Industrial Sector Mounts a Comeback
Japan's IP surged in January gaining 4.3% compared to December...
Aircraft Orders Boost U.S. Durable Goods Orders in January
Manufacturers' orders for durable goods increased a much larger-than-expected 3.4% m/m (4.5% y/y) in January...
Kansas City Fed Manufacturing Index Increases Again in February
The Kansas City Fed reported that its manufacturing sector business activity index rose to 24 in February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 15, 2005
Total business inventories rose just 0.1% in May following a downwardly revised 0.2% gain in April. The three month change in inventories dropped to 3.3% (AR) versus the 12.1% peak rate of accumulation through last August. The ratio of inventories-to-sales held at the record low of 1.30.
Retail inventories rose 0.2% in May and the three month change remained low at 2.1% versus the peak of 12.4% last April. Excluding autos, however, retail inventories jumped 0.6% due to a 1.5% (7.1% y/y) surge in furniture.
Factory sector inventories were unchanged for the second month and three month growth fell to 2.7%.
Wholesale inventories rose just 0.1% and three month growth fell to 5.7%. 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 fell 0.1% (+6.9% y/y) following the 12.2% jump during April.
| Business Inventories | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 0.1% | 0.2% | 7.0% | 7.7% | 1.4% | 1.6% |
| Retail | 0.2% | 0.1% | 3.7% | 5.7% | 3.9% | 5.9% |
| Retail excl. Autos | 0.6% | 0.2% | 6.1% | 5.9% | 2.0% | 2.3% |
| Wholesale | 0.1% | 0.7% | 10.4% | 10.8% | 2.0% | 1.2% |
| Manufacturing | 0.0% | -0.0% | 7.7% | 7.5% | -1.3% | -1.8% |
