Global| Nov 09 2011U.S. Wholesale Inventories Dip As Sales Gain
by:Tom Moeller
|in:Economy in Brief
Summary
Inventories at the wholesale level slipped 0.1% (+11.9% y/y) during September following a 0.1% August uptick. The decline was led by a 4.0% fall (+13.2% y/y) in petroleum. Less petroleum, inventories rose 0.1% (11.9%) as industry [...]
Inventories at the wholesale level slipped 0.1% (+11.9% y/y) during September following a 0.1% August uptick. The decline was led by a 4.0% fall (+13.2% y/y) in petroleum. Less petroleum, inventories rose 0.1% (11.9%) as industry changes were mixed. Durable goods inventories rose 0.4% (12.0% y/y) led by a 2.7% jump (12.5% y/y) in machinery. Other durables inventories were strong as well. Nondurables inventories were mixed m/m.
Sales in the wholesale sector rose a firm 0.5% (15.0% y/y). Again, a 3.9% rise in petroleum led the sales gain. Less petroleum, sales slipped 0.1% (+11.5% y/y). Sales of durable goods fell 0.4% due to widespread industry weakness. Sales of nondurable goods also posted widespread industry declines.
The wholesale sector's inventory-to-sales ratio held m/m at a low 1.15. A slight uptick in durable goods industries was offset be sharp declines in the nondurables sector.
The wholesale trade figures are available in Haver's USECON database. The expectation figure is in AS1REPNA.
Generation Recession? How The Recession May Change America from the Federal Reserve Bank of Cleveland is available here.
| Wholesale Sector - NAICS Classification (%) | Sep | Aug | Jul | Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Sales | 0.5 | 1.0 | 0.3 | 15.0 | 12.6 | -16.1 | 5.9 |
| Inventories | -0.1 | 0.1 | 0.8 | 11.9 | 11.0 | -11.8 | 3.7 |
| I/S Ratio | 1.15 | 1.15 | 1.16 | 1.16 | 1.16 | 1.30 | 1.21 |
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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