Global| Aug 03 2010U.S. Factory Inventory Decline Is Limited
by:Tom Moeller
|in:Economy in Brief
Summary
For the second consecutive month factory inventories fell modestly. The June 0.1% decline was not, however, broad-based. In fact, the decline was limited to petroleum and chemicals where prices fell. Inventories at petroleum [...]
For the second consecutive month factory inventories fell modestly. The June 0.1% decline was not, however, broad-based. In fact, the decline was limited to petroleum and chemicals where prices fell. Inventories at petroleum refineries dropped 9.3% (+7.0% y/y) after a like decline during May. Chemical inventories slipped 0.6% (-0.4% y/y). Showing accumulation during the last six months were inventories of electrical equipment & appliances (-1.3% y/y), computers and electronic products (1.8 y/y), furniture (-2.2 y/y) and apparel (-3.2% y/y).
Factory shipments also fell by 0.8% for the second month of decline. Here, declines were more broad-based. Primary metal shipments fell 1.8% (+48.0% y/y), computer & electronics were off 3.9% (+13.0% y/y) and apparel shipments fell 1.8% (+2.0% y/y). Going the other way were shipments of transportation equipment with a 2.9% rise (6.1% y/y), recovering a May decline. Also rising were shipments of electrical equipment (7.5% y/y) and furniture (3.3% y/y).
The Manufacturers' Shipments, Inventories and Orders (MSIO) data are available in Haver's USECON database. The latest figures reflect benchmark revisions back to 2007.
| Factory Survey (NAICS, %) | June | May | April | Y/Y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Inventories | -0.1 | -0.4 | 0.6 | 0.5 | -8.8 | -0.8 | 7.6 |
| New Orders | -1.2 | -1.8 | 1.0 | 11.3 | -17.8 | -1.0 | 8.7 |
| Shipments | -0.8 | -1.8 | 0.6 | 9.1 | -15.6 | 2.3 | 6.4 |
| Unfilled Orders | -0.0 | 0.3 | 0.4 | -2.2 | -11.1 | 2.8 | 31.2 |
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.
More Economy in Brief
