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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 July 10, 2015
Inventories at the wholesale level increased 0.8% during May (5.0% y/y)
following an unrevised 0.4% April gain. The rise was paced by a 4.4% jump
(-16.7% y/y) in petroleum inventories which followed a 3.1% April increase.
There also was strength in other nondurable industries. Drugs & druggist
sundries inventories gained 2.7% (16.1% y/y) and chemical inventories rose 1.4%
(1.8% y/y). These gains were offset by a 1.9% drop (+1.9% y/y) in paper
inventories. Durable product inventories gained 0.6% (6.2% y/y) led by a 2.5%
jump (7.5% y/y) in computer equipment. Automotive product inventories increased
1.2% (12.2% y/y) and furniture inventories gained 0.4% (6.8% y/y). Electrical
equipment inventories rose 0.3% (6.9% y/y) while metals inventories improved
0.2% (4.2% y/y).
Wholesale sales continued to loose steam as a 0.3% increase (-3.8% y/y) followed a 1.7% April jump. A 4.3% increase (-32.5% y/y) in petroleum sales was accompanied by a 1.1% rise in paper products. These gains were offset as chemical sales declined 1.0% (-8.0% y/y) and apparel sales were off 1.2% (+1.1% y/y). Durable goods sales eased 0.1% (+1.6% y/y) as a 2.8% decline in furniture sales (+7.4% y/y) was offset by a 2.2% rise (9.4% y/y) in motor vehicles. Machinery sales improved 0.4% (-0.1% y/y) but computer equipment sales eased 1.0% (-2.9% y/y).
The inventory to sales ratio amongst wholesalers held steady m/m at 1.29 but that was up from 1.19 one year earlier. Motor vehicles ratio rose to 1.64 from 1.60 last May and computers jumped to a recovery high of 0.85 from 0.77 last year. The I/S ratio in the metals sector increased to 2.32 from 1.98 twelve months earlier but the ratio in furniture held steady y/y at 1.62. In the nondurable goods sector, the I/S ratio remained quite high at 0.95, up from 0.85 last May. The petroleum ratio was 0.43 compared to 0.35 and apparel jumped to 2.01 from 1.85 in May 2014.
The wholesale trade figures are available in Haver's USECON database.
Wholesale Sector - NAICS Classification (%) | May | Apr | Mar | Y/Y | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Inventories | 0.8 | 0.4 | 0.2 | 5.0 | 6.7 | 4.2 | 6.6 |
Sales | 0.3 | 1.7 | -0.3 | -3.8 | 4.3 | 3.1 | 5.9 |
I/S Ratio | 1.29 | 1.29 | 1.30 | 1.19 (May '14) | 1.20 | 1.18 | 1.16 |