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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller August 13, 2008
Total business inventories jumped 0.7% during June after an upwardly revised 0.4% May increase. The latest increase exceeded Consensus expectations for a 0.5% rise and it was the strongest gain since January. The three-month growth in inventories rose to 6.2% (AR) from roughly 4% during the prior two months.
Higher wholesale inventories led the gain the total with a 1.1% jump during June and at a 14.1% rate during the last three months, again boosted by the rise in oil prices. Nevertheless, less petroleum wholesale inventories rose at a 12.0% rate during those three months which was more than twice the rate of increase during all of last year.
Retail inventories fell 0.1% after a revised 0.3% May decline. The drops left the three-month growth rate negative at -0.5% reflecting the draw-down of automobile inventories. Inventories of motor vehicle & parts fell at a 6.2% annual rate during the last three months due to further production cutbacks. Outside of autos, retail inventories rose at a 2.2% rate over the last three months and that reversed three months of decumulation.
The industry detail in the retail sector indicated that lower apparel inventories led the recent weakness in the total with a 0.9% rate of decline. Furniture inventories rose at a 3.9% rate during the last three months and general merchandise inventories rose at a 2.3% rate. Both of these gains reverse prior declines. Clothing & accessory store inventories still fell at a 0.9% rate over the last three months after an 8.1% rate of decline back in March.
Factory inventories jumped 1.0% and that left the three-month rate of accumulation steady at 6.4%.
Total business sales jumped another 1.7% led higher by the rise in oil prices which lifted factory sales by 1.6%.
Business Inventories | June | May | Y/Y | 2007 | 2006 | 2005 |
---|---|---|---|---|---|---|
Total | 0.7% | 0.4% | 5.6% | 3.8% | 5.9% | 6.0% |
Retail | -0.1% | -0.3% | 0.9% | 2.6% | 3.5% | 2.3% |
Retail excl. Auto | 0.1% | -0.1% | 1.3% | 2.7% | 4.9% | 3.9% |
Wholesale | 1.1% | 0.9% | 9.5% | 5.5% | 8.3% | 7.3% |
Manufacturing | 1.0% | 0.6% | 7.0% | 3.7% | 6.4% | 8.9% |