Global| Sep 14 2006U.S. Business Inventory Accumulation Up
by:Tom Moeller
|in:Economy in Brief
Summary
In July, total business inventories rose 0.6% following an upwardly revised 0.9% June gain. Consensus expectations had been for a 0.5% increase. That combination left the inventory to sales ratio stable m/m at 1.26, up from its low in [...]
In July, total business inventories rose 0.6% following an upwardly revised 0.9% June gain. Consensus expectations had been for a 0.5% increase. That combination left the inventory to sales ratio stable m/m at 1.26, up from its low in May of 1.25.
Retail inventories rose 0.4% led by a 0.5% (15.3% y/y) surge in motor vehicles & parts. Excluding autos, retail inventories rose 0.3% (4.5% y/y). Furniture inventories moved up 4.9% y/y, while building materials inventories grew 8.7%. Clothing store inventories rose 5.5% y/y but inventories of general merchandise grew just 1.2%.
Wholesale inventories increased another 0.8% (8.8% Y/Y) in July led by a 1.2% (25.0% y/y) gain in petroleum inventories. Durables rose 9.2% y/y.
Factory inventories rose 0.6% (5.7% y/y), the fastest y/y rate of accumulation in a year.
| Business Inventories | July | June | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total | 0.6% | 0.9% | 7.4% | 4.4% | 7.6% | -1.0% |
| Retail | 0.4% | 0.9% | 7.8% | 2.7% | 6.7% | 3.8% |
| Retail excl. Autos | 0.3% | 0.5% | 4.5% | 4.5% | 7.1% | 1.9% |
| Wholesale | 0.8% | 0.8% | 8.8% | 7.1% | 9.8% | 1.8% |
| Manufacturing | 0.6% | 0.9% | 5.7% | 4.0% | 6.9% | -7.4% |
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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