Global| Jan 15 2013U.S. Business Inventories Continue To Accumulate Moderately
by:Tom Moeller
|in:Economy in Brief
Summary
Business inventories rose 0.3% (5.5% y/y) during November, the same as a month earlier. The increase left the y/y rise at a steady 5.5%. The 0.6% gain (7.0% y/y) in merchant wholesalers inventories led the increase, supported by a [...]
Business inventories rose 0.3% (5.5% y/y) during November, the same as a month earlier. The increase left the y/y rise at a steady 5.5%. The 0.6% gain (7.0% y/y) in merchant wholesalers inventories led the increase, supported by a 1.3% rise (3.2% y/y) in petroleum inventories. Elsewhere, wholesale inventories increased a firm 0.5% (7.2% y/y) led by strength in farm products (16.5% y/y) and lumber (11.8% y/y). Inventories at the retail level gained 0.3% (7.8% y/y). That was paced by a 0.5% rise in autos (20.1% y/y). Nonauto retail inventories inched up 0.2% (3.1% y/y) reflecting strength in clothing stores (3.8% y/y) and building materials (3.8% y/y). Factory inventories slipped (+2.4% y/y) for the second consecutive month.
Business sales jumped 1.0% (4.3% y/y) as wholesale sales surged 2.3% (5.6% y/y). Across the board strength was led by a 7.8% jump (25.6% y/y) in sales of farm products. As reported earlier retail sales rose 0.3% (3.8% y/y) as auto sales increased 2.7% (7.3% y/y). Excluding autos, sales slipped 0.3% (+2.9% y/y). Factory shipments gained 0.4% (3.7% y/y).
The manufacturing and trade data are in Haver's USECON database.
|
Business Inventories(%) |
Nov | Oct | Sep | Nov Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 0.3 | 0.3 | 0.7 | 5.5 | 7.7 | 8.3 | -9.4 |
| Retail | 0.3 | 0.6 | 0.3 | 7.8 | 3.6 | 6.1 | -10.1 |
| Retail excl. Motor Vehicles | 0.2 | 0.4 | -0.0 | 3.1 | 3.7 | 3.9 | -4.8 |
| Merchant Wholesalers | 0.6 | 0.3 | 1.1 | 7.0 | 9.9 | 10.1 | -11.8 |
| Manufacturing | -0.0 | -0.0 | 0.6 | 2.4 | 9.4 | 8.8 | -6.8 |
| Business Sales (%) | |||||||
| Total | 1.0 | -0.3 | 1.2 | 4.3 | 11.3 | 9.7 | -14.8 |
| Retail | 0.3 | -0.2 | 1.2 | 4.4 | 8.3 | 5.8 | -7.9 |
| Retail excl. Motor Vehicles | -0.1 | 0.2 | 1.1 | 3.4 | 7.6 | 4.7 | -6.4 |
| Merchant Wholesalers | 2.3 | -0.9 | 1.9 | 5.6 | 13.5 | 11.6 | -16.2 |
| Manufacturing | 0.4 | 0.3 | 0.7 | 3.7 | 11.8 | 11.2 | -18.8 |
| I/S Ratio | |||||||
| Total | 1.28 | 1.28 | 1.28 | 1.26 | 1.26 | 1.27 | 1.39 |
| Retail | 1.38 | 1.38 | 1.37 | 1.33 | 1.34 | 1.38 | 1.46 |
| Retail Excl. Motor Vehicles | 1.20 | 1.19 | 1.19 | 1.19 | 1.21 | 1.24 | 1.30 |
| Merchant Wholesalers | 1.19 | 1.21 | 1.20 | 1.17 | 1.16 | 1.18 | 1.31 |
| Manufacturing | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.28 | 1.39 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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