Global| Jan 12 2012U.S. Business Inventory Growth Eases
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. Commerce Department reported that business inventories rose 0.3% during November following a 0.8% rise in October. Business sales also rose 0.3%. As a result, the inventory/sales ratio held at 1.27 for the fourth straight [...]
The U.S. Commerce Department reported that business inventories rose 0.3% during November following a 0.8% rise in October. Business sales also rose 0.3%. As a result, the inventory/sales ratio held at 1.27 for the fourth straight month. For November, inventories were 8.5% higher than one year earlier, and sales were up 9.6%.
In the retail sector, inventories rose 0.3% m/m after an upwardly revised 0.2% October gain. Motor vehicle & parts inventories increased a moderate 0.6% (3.3% y/y) while excluding autos inventories gained 0.2% (4.2% y/y). Inventories of building materials fell 0.4% (+1.8% y/y) and food & beverage store inventories ticked up 0.1% (5.6% y/y). Apparel inventories also rose 0.3% (10.8% y/y), furniture & equipment rose 0.2% (-2.4% y/y) and no change (3.8% y/y) at general merchandise stores. Wholesale inventories ticked up 0.1% led by a 1.5% rise (16.4% y/y) in petroleum. Less petroleum wholesale inventories also rose 0.1% (10.2% y/y). Factory inventories rose a firm 0.5% (10.9% y/y).
The manufacturing and trade data are in Haver's USECON database. Note that in a value-added feature, the database includes series calculated by Haver database managers showing sales, inventories and I/S ratios for total business less motor vehicle dealers and related wholesale operations.
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.
