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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.S. Home Builder Index Improves
The NAHB -Wells Fargo Composite Housing Market Index rose to 58 during January...
U.S. Mortgage Loan Applications Continue to Strengthen
The MBA total Mortgage Applications Index increased 13.5% (1.4% y/y) during the week ended January 11...
U.S. Producer Prices Decline Led by Lower Energy Costs
The headline Final Demand Producer Price Index using new methodology fell 0.2% during December...
Empire State Manufacturing Activity Weakens Sharply
The Empire State Manufacturing Index of General Business Conditions declined to 3.9 in January...
by Tom Moeller July 16, 2012
The U.S. Commerce Department reported that during May, business inventories rose 0.3% for the third consecutive month. The modest gain lowered the y/y rise to 5.2%, its least since May of 2010. Business sales slipped 0.1% for the second consecutive month and the y/y increase fell to 5.1%, its least since December 2009. As a result, the inventory/sales ratio ticked up to 1.27, its highest in a year.
Retail sector inventories rose 1.0% due to a strong 1.9% rise (14.6% y/y) in motor vehicles. Inventories of home furnishings & appliances rose 0.8% (0.6% y/y). General merchandise inventories increased 0.9% (3.4% y/y) and apparel inventories gained 0.6% (4.8% y/y). Wholesale inventories increased 0.3% (6.4% y/y) while petroleum inventories fell 3.6% (-4.3% y/y). Less petroleum wholesale inventories rose 0.5% (7.1% y/y). Factory inventories fell 0.2% (+3.5% y/y).
The manufacturing and trade data are in Haver's USECON database.
| Business Inventories(%) | May | Apr | Mar | May Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 0.3 | 0.3 | 0.3 | 5.2 | 7.7 | 8.3 | -9.4 |
| Retail | 1.0 | 0.8 | 0.4 | 6.3 | 3.6 | 6.1 | -10.1 |
| Retail excl. Motor Vehicles | 0.6 | 0.2 | -0.0 | 3.1 | 3.7 | 3.9 | -4.8 |
| Merchant Wholesalers | 0.3 | 0.5 | 0.3 | 6.4 | 9.9 | 10.1 | -11.8 |
| Manufacturing | -0.2 | -0.2 | 0.1 | 3.5 | 9.4 | 8.8 | -6.8 |
| Business Sales (%) | |||||||
| Total | -0.1 | -0.1 | 0.2 | 5.1 | 11.3 | 9.7 | -14.8 |
| Retail | -0.2 | -0.6 | 0.3 | 3.5 | 8.2 | 5.8 | -7.9 |
| Retail excl. Motor Vehicles | -0.4 | -0.7 | -0.4 | 3.6 | 7.6 | 4.7 | -6.4 |
| Merchant Wholesalers | -0.8 | 0.6 | 0.4 | 5.7 | 13.5 | 11.6 | -16.2 |
| Manufacturing | 0.5 | -0.2 | 0.1 | 4.9 | 11.8 | 11.2 | -18.8 |
| I/S Ratio | |||||||
| Total | 1.27 | 1.26 | 1.26 | 1.27 | 1.26 | 1.27 | 1.39 |
| Retail | 1.36 | 1.35 | 1.33 | 1.34 | 1.34 | 1.38 | 1.46 |
| Retail Excl. Motor Vehicles | 1.20 | 1.19 | 1.18 | 1.21 | 1.21 | 1.24 | 1.30 |
| Merchant Wholesalers | 1.18 | 1.17 | 1.17 | 1.17 | 1.16 | 1.18 | 1.31 |
| Manufacturing | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.28 | 1.39 |
