Recent Updates
- Euro area: Flash Consumer Confidence (Apr)
- Ireland: Producer & Wholesale Price Indexes (Mar)
- UK: Capital Issuance (Mar)
- Spain: Trade in Constant Prices, Trade in Goods (Feb)
- Germany: Federal Budget, PPI, Monthly Tax Revenue (Mar), Short-term Indicator (Feb), Public Sector Finance (Q4)
- Colombia: Imports (Feb); Brazil: IPCA-15 (Apr)
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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Sandy Batten June 14, 2016
Total business inventories inched up 0.1% m/m (1.0% y/y) in April following a 0.3% m/m increase in March (revised down from 0.4% m/m). Total business sales jumped 0.9% m/m (-1.3% y/y) in April after a 0.2% m/m rise in March (revised from 0.3%). The April sales increase was the largest monthly gain since February 2014.
The new information in today's release was for retail inventories. Manufacturing and wholesale inventories had already been reported. Manufacturing inventories were down 0.1% in April (their tenth consecutive monthly decline) while wholesale inventories were up 0.6% m/m, their second consecutive monthly increase following five consecutive monthly declines.
Retail inventories unexpectedly slipped 0.1% m/m in April after having posted gains in each of the ten preceding months. Recent increases had been substantial-0.9% m/m in March and 0.7% m/m in February. In April, retail inventories excluding motor vehicles and parts fell 0.2% m/m with widespread declines across major categories. Furniture inventories fell 0.5% m/m. Building materials inventories were down 0.2% m/m. And inventories of general merchandise stores declined 0.5% m/m.
Sales were up across all sectors in April. Retail sales jumped 1.4% m/m (up 0.9% m/m when motor vehicles are excluded). Wholesale sales climbed 1.0% m/m in April, their second consecutive significant increase after four consecutive monthly declines. Manufacturing sales were up 0.5% m/m in April, their second consecutive monthly increase following three consecutive monthly declines.
The inventory-to-sales ratio in the business sector edged down to 1.40 in April from 1.41 in February and March. The February/March reading had been the highest since the economy exited recession in 2009. Inventory-to-sales ratios also retreated slightly in each of the individual sectors-again from levels that were the highest in the current economic expansion.
The manufacturing and trade data are in Haver's USECON database.
Manufacturing & Trade | Apr | Mar | Feb | Apr Y/Y | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|
Business Inventories (% chg) | 0.1 | 0.3 | -0.1 | 1.0 | 1.3 | 3.7 | 3.9 |
Retail | -0.1 | 0.9 | 0.7 | 5.4 | 5.3 | 3.1 | 7.4 |
Retail excl. Motor Vehicles | -0.2 | 0.1 | 0.2 | 2.8 | 4.1 | 2.6 | 4.8 |
Merchant Wholesalers | 0.6 | 0.2 | -0.6 | 0.9 | 1.9 | 6.5 | 4.0 |
Manufacturing | -0.1 | -0.1 | -0.4 | -3.0 | -2.6 | 1.8 | 1.0 |
Business Sales (% chg) | |||||||
Total | 0.9 | 0.2 | -0.3 | -1.3 | -2.6 | 2.8 | 2.9 |
Retail | 1.4 | -0.3 | 0.0 | 2.6 | 1.6 | 3.9 | 3.8 |
Retail excl. Motor Vehicles | 0.9 | 0.5 | -0.1 | 2.5 | 0.2 | 3.2 | 2.6 |
Merchant Wholesalers | 1.0 | 0.6 | -0.2 | -2.6 | -4.3 | 3.6 | 3.1 |
Manufacturing | 0.5 | 0.3 | -0.6 | -3.4 | -4.4 | 1.2 | 2.1 |
I/S Ratio | |||||||
Total | 1.40 | 1.41 | 1.41 | 1.37 | 1.38 | 1.31 | 1.29 |
Retail | 1.50 | 1.52 | 1.50 | 1.46 | 1.46 | 1.43 | 1.41 |
Retail excl. Motor Vehicles | 1.28 | 1.29 | 1.30 | 1.27 | 1.27 | 1.24 | 1.23 |
Merchant Wholesalers | 1.35 | 1.36 | 1.36 | 1.31 | 1.32 | 1.21 | 1.18 |
Manufacturing | 1.36 | 1.37 | 1.37 | 1.35 | 1.36 | 1.31 | 1.30 |