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Economy in Brief
U.S. Housing Affordability Fell Back in February, but Still in Recent Range
The NAR U.S. Fixed Rate Mortgage Housing Affordability Index decreased 7.6% (-1.4% y/y) in February to 173.1...
European New Car Registrations Remarkably Strong Yet Forgettable
Car registrations are not going to be the only statistic that bears these dual and seemingly dueling characteristics...
U.S. Retail Sales Soar in March
Total retail sales including food service and drinking establishments increased 9.8% (27.7% y/y) during March...
U.S. Industrial Production Rebounded in March
Industrial production rebounded in March, rising 1.4% m/m (+1.0% y/y)...
U.S. Home Builder Index Edges Higher in April
The NAHB-Wells Fargo Composite Housing Market Index rose 1.2% to 83 during April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller June 9, 2015
Inventories at the wholesale level increased 0.4% during April (4.5% y/y)
following two months of 0.2% increase. Despite the monthly rise, y/y growth
decelerated to 4.5%, its slowest since early last year. Durable goods
inventories ticked just 0.1% higher (6.6% y/y). Motor vehicle inventories
increased 1.8% (13.2% y/y) and machinery inventories advanced 0.7% (6.8% y/y).
Electrical equipment inventories declined 1.2% (+7.2% y/y) and furniture
inventories slipped 0.2% (+6.2% y/y). Nondurable goods inventories increased 0.8%
(1.1% y/y). Petroleum inventories gained 2.3% (-20.7% y/y) and apparel
inventories rose 2.7% (8.6% y/y). Chemical inventories gained 2.2% (0.2% y/y)
while paper inventories jumped 3.9% (3.5% y/y).
Wholesale sales improved 1.6% (-3.3% y/y) following declines during each of the prior eight months. Durable goods sales improved 1.2% (2.4% y/y) as electrical equipment sales increased 3.2% (8.7% y/y). Motor vehicle sales gained 3.2% (8.1% y/y). In the nondurable goods area, sales increased 2.0% (-8.2% y/y). The gain was paced by a 4.9% rise (-37.3% y/y) in petroleum sales. Chemical sales declined 1.4% (-5.0% y/y) and apparel sales were off by 1.5% (+5.6% y/y). Sales of paper & paper products increased 1.1% (1.9% y/y).
The inventory-to-sales ratio slipped m/m to 1.29. The ratio nevertheless remained near its highest level since 2009. The durable goods I/S ratio fell to 1.64, but still it was higher than its 2010 low of 1.48. The nondurable ratio slipped m/m to 0.95 but that was up from 0.87 last year.
The wholesale trade figures are available in Haver's USECON database.
Wholesale Sector - NAICS Classification (%) | Apr | Mar | Feb | Y/Y | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Inventories | 0.4 | 0.2 | 0.2 | 4.5 | 6.7 | 4.2 | 6.6 |
Sales | 1.6 | -0.3 | -0.6 | -3.3 | 4.3 | 3.1 | 5.9 |
I/S Ratio | 1.29 | 1.30 | 1.30 | 1.19 (Apr.'14) | 1.20 | 1.18 | 1.16 |