Recent Updates
- New Zealand: BOP and IIP (2018), International Trade (Aug)
- Thailand: Nonperforming Loans (Aug)
- Germany: **Wholesale Trade Prices rebased from 2010=100 to 2015=100**
- US: S&P Case Shiller Home Price Indexes (Jul); FHFA House Price Indexes (Jul); Consumer Confidence (Sep)
- US: FRB Philadelphia Nonmfg Business Outlook Survey (Sep); FRB Richmond Mfg & Service Sector Surveys (Sep); Texas Service Sector Outlook Survey (Sep)
- more updates...
Economy in Brief
U.S. FHFA House Price Rise Moderates
The Federal Housing Finance Agency (FHFA) Price Index for house purchases increased 0.2% in July (6.4% y/y)...
Philadelphia Fed Nonmanufacturing Business Activity Index Improves
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level increased to 46.8 in September...
U.S. Gasoline Prices Remain High; Crude Oil Costs Strengthen
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week...
French Manufacturing Takes a Sizable Step Back
France's INSEE manufacturing survey fell sharply as the headline climate index shed the better part of three points...
Texas Factory Sector Index Retreats; Expectations Are Mixed
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index fell to 28.1 in September...
by Tom Moeller August 11, 2005
Total business inventories were unchanged in June following an unrevised 0.1% gain in May. The weakness in accumulation lowered the three month change in inventories to 1.4% (AR) versus a 12.1% peak rate of accumulation through last August. The ratio of inventories-to-sales dropped to a new record low of 1.29 as business sales rose 0.7% (7.8% y/y).
Retail inventories fell 0.4% due to strong auto sales in June and the three month change went slightly negative versus the peak of 12.4% last April. Excluding autos, however, retail inventories jumped 0.6% after an upwardly revised 0.7% May gain. Furniture inventories were again strong, up 1.3% (9.0% y/y) and inventories of apparel rose 0.9% (5.3% y/y).
Factory sector inventories fell slightly for the third consecutive month pulling three month negative for the first time since 2003.
Wholesale inventories jumped 0.7% and three month growth rose to 6.9%. 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.
| Business Inventories | June | May | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 0.0% | 0.1% | 5.9% | 7.7% | 1.4% | 1.6% |
| Retail | -0.4% | 0.2% | 2.2% | 5.7% | 3.9% | 5.9% |
| Retail excl. Autos | 0.6% | 0.7% | 6.3% | 5.9% | 2.0% | 2.3% |
| Wholesale | 0.7% | 0.3% | 10.2% | 10.8% | 2.0% | 1.2% |
| Manufacturing | -0.0% | -0.2% | 6.4% | 7.5% | -1.3% | -1.8% |
