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Free AccessMNI DATA ANALYSIS: US June Wholesale Inventories +0.7%>
--June Wholesale Sales +0.7%, Inventory/Sales Ratio 1.29 Vs 1.29
--June Business Inventories Tracking +0.5%, Business Sales +0.2%
By Sara Haire and Holly Stokes
WASHINGTON (MNI) - The value of wholesale inventories rose 0.7% in
June, a small upward adjustment from the 0.6% gain estimated in the
advance estimate, while wholesale sales rose 0.7%, their largest
increase since February, data released Wednesday by the U.S. Commerce
Department showed.
Looking ahead to Tuesday's report, the tracking looks positive for
business inventories and for sales. While factory inventories were up
0.2% in June according to data released on August 3, an MNI calculation
shows that the addition of the gain for wholesale inventories reported
Wednesday and the 0.6% rise in retail inventories in the advance
estimate will result in a 0.5% rise in business inventories if there is
no revision to the retail data.
The 0.7% increase for wholesale sales reported Wednesday comes on
top of a 0.2% decrease for factory shipments reported last week and a
0.1% decline for retail trade sales from last month's sales release,
adding up to a 0.2% decrease for business sales barring a large revision
to retail trade sales.
With the rise in June wholesale inventories and the increase in
wholesale sales, the inventory/sales ratio was unchanged at 1.29. The
ratio was below the 1.32 mark in June 2016, as sales have increased
faster than inventories over the last year.
Excluding the auto category, wholesale inventories would have been
up 0.6% in June after a 0.6% increase in the previous month, an MNI
calculation showed. Sales would have still been up 0.8% in June if auto
sales were excluded. This followed a 0.1% decline in May.
The value of durable inventories rose 0.5% in the month, as auto
inventories rose 1.4%. The remaining durables components were generally
higher, but there were declines for the lumber and electrical
categories.
Nondurables inventories were up 1.0% in June. Petroleum inventories
fell 5.2%, while the other components were generally up, besides
alcohol. There were increases for misc. nondurables (+3.3%), farm
products (+2.5%), and drugs (+2.4%).
Durables goods sales were flat in the month, with auto sales
down 0.5%. The remaining components were mixed, with sales lumber,
metals, electrical, and miscellaneous up, balanced by declines in autos,
furniture, equipment, hardware, and machinery.
Nondurable goods sales were up 1.4% in June after a 0.3% decline
in May. Petroleum sales were up 1.9% after a sharp 6.9% decrease
in May. The other component movements were mixed, with a majority
of them higher, except for apparel and chemicals.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.