Recent Updates

  • *** Australia Building Activity and Value of Private Construction have been re-referenced to Q3 2015-Q2 2016 ***
  • US: TIC (Nov)
  • US: Industrial Production Detail (Dec)
  • US: ADP Workforce Vitality Index (Q4)
  • Ireland: Harmonized Competitiveness Indicators (Dec)
  • UK: Government Deficit and Debt Under the Maastrict Treaty (Q3)
  • Spain: Harmonized Business Confidence (Q1), Outstanding Debt (Nov)
  • Slovakia: HICP (Dec); Albania: Foreign Trade (Dec); Kazakhstan:
  • more updates...

Economy in Brief

U.S. Business Inventory Growth Remains Steady
by Tom Moeller  November 14, 2012

Business inventories rose 0.7% following a 0.6% August rise. Quickened accumulation during the last three months reflected the gains in merchant wholesalers inventories driven by a 5.5% surge (11.9% y/y) in petroleum inventories. Petroleum inventories also rose 10.2% in August. Elsewhere, wholesale inventories increased a firm 0.9% (7.2% y/y) during September.  Inventories at the retail level gained a modest 0.3% (7.6% y/y). That was led by a 0.9% jump in autos (20.2% y/y) after a 1.2% August increase. Nonauto retail inventories were unchanged for the second consecutive month. Factory inventories rose a steady 0.6% (4.1% y/y).

Business sales jumped 1.4% led by an 8.3% (13.1% y/y) rise in wholesale sales. Wholesale sales increased 0.8% (2.8% y/y) without petroleum and the inventory-to-sales ratio remained a roughly constant 1.28. Retail sales surged 1.3% (5.4% y/y) as auto sales jumped. Excluding autos, sales increased 1.2% (4.5% y/y). As a result, the nonauto retail I/S ratio slipped to 1.18. Factory shipments gained 0.9% leaving the I/S ratio constant at 1.28.

The manufacturing and trade data are in Haver's USECON database. 

 

Business Inventories(%) Sep Aug Jul Sep Y/Y 2011 2010 2009
Total 0.7 0.6 0.8 6.2 7.7 8.3 -9.4
 Retail 0.3 0.4 1.1 7.6 3.6 6.1 -10.1
  Retail excl. Motor Vehicles 0.0 0.0 0.4 2.8 3.7 3.9 -4.8
 Merchant Wholesalers 1.1 0.8 0.6 7.5 9.9 10.1 -11.8
 Manufacturing 0.6 0.6 0.6 4.1 9.4 8.8 -6.8
Business Sales (%)
Total 1.4 0.6 0.9 4.4 11.3 9.7 -14.8
 Retail 1.3 1.1 0.8 5.4 8.3 5.8 -7.9
  Retail excl. Motor Vehicles 1.2 1.0 0.9 4.5 7.6 4.7 -6.4
 Merchant Wholesalers 2.0 1.0 -0.2 4.4 13.5 11.6 -16.2
 Manufacturing 0.9 -0.2 1.9 3.7 11.8 11.2 -18.8
I/S Ratio
Total 1.28 1.29 1.28 1.25 1.26 1.27 1.39
 Retail 1.36 1.38 1.39 1.34 1.34 1.38 1.46
  Retail Excl. Motor Vehicles 1.18 1.20 1.21 1.20 1.21 1.24 1.30
 Merchant Wholesalers 1.19 1.20 1.21 1.16 1.16 1.18 1.31
 Manufacturing 1.28 1.28 1.27 1.27 1.27 1.28 1.39
close
large image