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Economy in Brief
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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 December 9, 2015
Inventories at the wholesale level dipped 0.1% during October following a
0.2% September rise, revised from 0.5%. The decline reflected a 1.1% drop (-9.5%
y/y) in metals & minerals (excl. petroleum) and a 0.5% decline (+12.9% y/y) in automotive
inventories. Computer & peripherals inventories also fell 0.7% (+0.1% y/y). Electrical
goods inventories increased 0.6% (5.1% y/y) as did furniture inventories (9.9% y/y). Nondurable
goods inventories ticked 0.1% lower (+5.6% y/y). The decline reflected a 0.7% drop (-16.6% y/y)
in petroleum inventories. Chemical inventories were off 0.1% (+5.2% y/y) but apparel inventories
gained 0.4% (14.1% y/y).
Sales in the wholesale sector were little-changed (-5.8% y/y) following a 0.5% rise. Furniture purchases rose 3.4% (3.9% y/y) and recovered a September decline, but a 2.6% drop (-1.2%y/y) in motor vehicle sales offset this gain. Machinery equipment sales fell 0.7% (-6.5% y/y) while electrical goods inventories rose 0.1% (2.7% y/y). Nondurable goods sales declined 0.7% (-6.9% y/y) as chemical sales fell 1.3% (-8.4% y/y). Petroleum sales gained 2.9% (-33.3% y/y). Apparel sales increased 2.6% (5.8% y/y) but grocery product sales fell 1.2% (-3.3% y/y).
The inventory-to-sales ratio held steady at 1.31, up sharply from 1.14 averaged in 2010 and 2011. The motor vehicle ratio increased to 1.77, the expansion's high. The ratio for furniture & home furnishings offset this rise with a decline to 1.63, and has moved erratically sideways during the economic expansion. The nondurable goods ratio was stable m/m at 0.98, the highest level since 2001.
The wholesale trade figures are available in Haver's USECON database.
Wholesale Sector - NAICS Classification (%) | Oct | Sep | Aug | Y/Y | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Inventories | -0.1 | 0.2 | 0.3 | 3.6 | 6.7 | 4.1 | 6.6 |
Sales | -0.0 | 0.5 | -0.9 | -5.8 | 4.3 | 3.0 | 6.2 |
I/S Ratio | 1.31 | 1.31 | 1.31 | 1.22 (Oct. '14) | 1.20 | 1.18 | 1.16 |