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Economy in Brief
Kansas City Federal Reserve Factory Index Hits Record High
The Kansas City Fed reported that its index of regional manufacturing sector business activity surged to a record 26...
U.S. Initial Unemployment Insurance Claims Decline Sharply
Initial claims for unemployment insurance fell sharply to 209,000 (-17.1% y/y)...
German Confidence Flattens and Falters
German confidence for May is mooted at a 97.8% queue percentile standing...
U.S. Mortgage Loan Applications Are Little Changed; Rates Remain High
The MBA total Mortgage Applications Volume Index eased 0.2% last week (-1.9% y/y)...
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
by Tom Moeller July 16, 2007
After deceleration through April, total business inventories in May rose 0.5% following a 0.4% increase the month prior. The increases were sufficient to raise the three month growth rates. Consensus expectations had been for a 0.3% one month rise.
Three month average growth in business inventories rose to 0.8%, its highest since last October.
Business sales jumped 1.3% (4.0% y/y). Wholesale sales led the gain with a 1.3% (8.7%y/y) jump and retail sales surged 1.6% (4.9% y/y) for May. Factory shipments rose 1.0% for the second month.
Due to the strong sales gain in May, the inventory to sales ratio fell to its lowest level since last August.
Retail inventories rose 0.6%, double the rise in April. General merchandise inventories halved their April rise with a 0.4% (6.6% y/y) but clothing store inventories surged 0.7% (8.1% y/y) after a 0.2% April decline. Furniture inventories fell 0.7% (-0.2% y/y) after no change during April. Auto inventories fell for the fourth straight month.
| Business Inventories | May | April | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total | 0.5% | 0.4% | 4.0% | 5.9% | 6.2% | 7.9% |
| Retail | 0.6% | 0.3% | 1.6% | 3.2% | 2.8% | 6.8% |
| Retail excl. Autos | 0.7% | 0.4% | 4.3% | 4.5% | 4.5% | 7.2% |
| Wholesale | 0.5% | 0.3% | 6.7% | 8.6% | 7.4% | 9.7% |
| Manufacturing | 0.3% | 0.4% | 4.3% | 6.4% | 7.9% | 7.7% |
