Global| Feb 10 2016U.S. Wholesale Inventories and Sales Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Inventories at the wholesale level ticked 0.1% lower (+1.8% y/y) during December following a 0.4% November decline, revised from -0.3%. The decline reflected a broad-based 0.3% fall (+0.5% y/y) in durable goods inventories. Lumber & [...]
Inventories at the wholesale level ticked 0.1% lower (+1.8% y/y) during
December following a 0.4% November decline, revised from -0.3%. The decline
reflected a broad-based 0.3% fall (+0.5% y/y) in durable goods inventories.
Lumber & construction materials inventories fell 1.5% (+0.4% y/y) while
computer equipment declined 0.9% (4.8% y/y). Machinery inventories declined 0.5%
(-1.0% y/y), but electrical equipment increased 1.0% (6.0% y/y). Nondurable
goods inventories ticked 0.1% higher (+3.8% y/y) despite a 7.8% decline (-11.8%
y/y) in petroleum. Chemical inventories gained 2.3% (4.1% y/y) and apparel
increased 2.1% (15.1% y/y).
Wholesale sales declined 0.3% (-4.2% y/y) led by a 4.5% decline (-29.9% y/y) in petroleum. Excluding petroleum, wholesale sales fell 1.5% y/y. Apparel sales declined 4.5% (+1.6% y/y) and chemical sales were off 1.4% (-4.4% y/y). Grocery sales declined 1.1% (-2.8% y/y) but farm product sales increased 2.5% (-16.5% y/y). Durable goods sales rose 0.3% (-2.6% y/y). Motor vehicle & parts sales increased 2.5% (3.8% y/y) while machinery sales improved 0.4% (-3.1% y/y). Sales of electrical equipment declined 1.9% (-5.6% y/y).
The inventory-to-sales ratio held steady m/m at 1.32, but was elevated versus 1.24 twelve months earlier. The nondurable goods I/S ratio of 1.02 compared to 0.92 a year ago, and chemicals rose to 1.25 from 1.15. Apparel increased to 2.13 from 1.86 while petroleum rose y/y to 0.48 from 0.38. The durable goods I/S ratio rose to 1.64 from 1.58 in December 2014 as motor vehicle & parts improved to 1.74 from 1.61. Electrical equipment increased to 1.02 from 0.90, and machinery gained y/y to 2.85 from 2.79.
The wholesale trade figures are available in Haver's USECON database.
| Wholesale Sector - NAICS Classification (%) | Dec | Nov | Oct | Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Inventories | -0.1 | -0.4 | -0.3 | 1.8 | 1.8 | 6.7 | 4.1 |
| Sales | -0.3 | -1.3 | -0.2 | -4.2 | -3.6 | 4.3 | 3.0 |
| I/S Ratio | 1.32 | 1.32 | 1.31 | 1.24 (Dec. '14) | 1.30 | 1.20 | 1.18 |
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
