Global| Dec 08 2011U.S. Wholesale Inventories & Sales Jump
by:Tom Moeller
|in:Economy in Brief
Summary
Inventories at the wholesale level jumped 1.6% (10.9% y/y) during October following no change in September. The increase was led by a 5.7% surge (13.5% y/y) in petroleum which reversed the prior month's decline. Less petroleum, [...]
Inventories at the wholesale level jumped 1.6% (10.9% y/y) during
October following no change in September. The increase was led by a
5.7% surge (13.5% y/y) in petroleum which reversed the prior month's
decline. Less petroleum, inventories also jumped 1.4% (10.7%) led by
strong gains in metals (18.0% y/y), hardware (1.1% y/y), electrical
goods (9.2% y/y) and motor vehicles (19.6% y/y). Other nondurables
inventories were mixed m/m but strength versus last year was paced
by chemicals (18.7% y/y), groceries (17.4% y/y) and apparel (15.3%
y/y).
Sales in the wholesale sector rose a firm 0.9% (13.1% y/y). No m/m change in petroleum sales belied the strength of the 29.4% y/y gain due to higher prices. Less petroleum, sales jumped 1.1% (10.6% y/y). Sales of durable goods slipped 0.1% (+12.4% y/y) due to mixed industry performance. Sales of motor vehicles (21.0% y/y) and furniture (3.1% y/y) were firm but equipment sales fell (+3.1% y/y). Sales of nondurable goods were firm. Sales of farm products jumped (3.0% y/y) and apparel also was strong (4.3% y/y). However, chemical sales slipped but were up 13.2% y/y.
The wholesale sector's inventory-to-sales ratio ticked up m/m to 1.16. A slight uptick in durable goods industries was accompanied by no-change in the nondurables sector.
The wholesale trade figures are available in Haver's USECON database. The expectation figure is in AS1REPNA.
| Wholesale Sector - NAICS Classification (%) | Oct | Sep | Aug | Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Inventories | 1.6 | 0.0 | 0.1 | 10.9 | 11.0 | -11.8 | 3.7 |
| Sales | 0.9 | 0.3 | 1.0 | 13.1 | 12.6 | -16.1 | 5.9 |
| I/S Ratio | 1.16 | 1.15 | 1.15 | 1.18 | 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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