Global| Nov 09 2016U.S. Wholesale Inventories & Sales Rise Modestly
by:Tom Moeller
|in:Economy in Brief
Summary
Inventories at the wholesale level notched 0.1% higher (-0.1% y/y) during September following a 0.1% August slip, revised from -0.2%. The advance report had indicated a 0.2% September rise. Inventories of durable goods declined 0.4% [...]
Inventories at the wholesale level notched 0.1% higher (-0.1% y/y) during September following a 0.1% August slip, revised from -0.2%. The advance report had indicated a 0.2% September rise. Inventories of durable goods declined 0.4% (-1.9% y/y) after a 0.1% uptick. Motor vehicle inventories fell 1.7% (-2.8% y/y), but furniture inventories rose 0.5% (1.2% y/y). Computer equipment jumped 1.2% (-0.4% y/y) and machinery inventories eased 0.3% (+0.1% y/y). Inventories of nondurable products increased 0.9% (2.7% y/y) after a 0.4% decline. Apparel inventories declined 1.8% (-4.8% y/y) and offset a 3.8% rise in petroleum inventories (9.8% y/y).
Wholesale sales improved 0.2% (0.4% y/y) following a 0.7% increase. A 0.6% rise was expected in the Action Economics Forecast Survey. Sales of durable goods improved 0.2% (0.2% y/y) as motor vehicle sales increased 1.4% (-1.5% y/y), but electrical equipment sales increased 1.5% (1.4% y/y). Computer equipment sales rose 0.8% (-4.2% y/y) and machinery sales eased 0.1% (-1.9% y/y). Nondurable goods sales improved 0.1% (0.5% y/y) as petroleum sales surged 5.0% (1.7% y/y) with higher prices. Chemical sales increased 1.2% (-0.2% y/y), but apparel sales declined 1.1% (-2.6% y/y).
The inventory-to-sales ratio held steady at 1.33, and remained lower than January's 1.37 peak. The durable goods ratio eased to 1.66 and was down y/y from 1.70. The machinery I/S ratio rose y/y to 3.08, but the motor vehicles ratio eased y/y to 1.76. The computer industry's I/S ratio increased y/y to 0.83. In the nondurable goods sector, the I/S ratio of 1.02 was up y/y. The chemical sector's ratio of 1.24 compared to 1.13 in 2014. In the petroleum area, the I/S ratio of 0.46 compared to 0.33 two years ago.
The wholesale trade figures are available in Haver's USECON database. The Action Economic Survey results are contained in AS1REPNA.
| Wholesale Sector - NAICS Classification (%) | Sep | Aug | Jul | Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Inventories | 0.1 | -0.1 | -0.1 | -0.1 | 1.8 | 6.4 | 3.8 |
| Sales | 0.2 | 0.7 | -0.6 | 0.4 | -4.3 | 3.6 | 3.0 |
| I/S Ratio | 1.33 | 1.33 | 1.34 | 1.33 (Sept '15) | 1.32 | 1.21 | 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.
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