MNI DATA IMPACT: US April Business Inventories +0.5%>

--Retail Inventories Unrevised from +0.5% Advance Reading 

--Total Business Inventories Excluding Retail Auto Up 0.5%

--Unpublished Retail Components Up 0.5%, MNI Calculation Shows

By Harrison Clarke

     WASHINGTON (MNI) - The value of business inventories in April was 

up 0.5%, as expected by both an MNI survey and the Bloomberg consensus, 

data released by the Commerce Department Friday morning showed. 

     Retail inventories posted a 0.5% gain, unrevised from the advance 

reading. This is in addition to the already-announced 0.3% gain in 

factory inventories and the 0.8% rise in wholesale inventories. 

     According to an MNI calculation, if a 0.8% increase in motor 

vehicle inventories had been excluded, total business inventories would 

have been up 0.5% in April.  

     After excluding the increase in motor vehicle inventories, the 

remaining retail categories posted a 0.5% gain. All of the other retail 

inventory components were up in April, with clothing stores being the 

exception. 

     At the same time, the relatively large unpublished retail category 

rose 0.5% following a 0.3% increase in March, according to an MNI 

calculation. 

     April business sales posted a 0.2% decline in the month despite 

retail sales excluding food services rising 0.3% in April. There was a 

previously announced 0.5% decrease for factory shipments, which are 

equal to sales in this report, and wholesale sales posted a 0.4% 

decline. 

     The inventory-to-sales ratio rose to 1.39 in April from 1.38 in 

March due to the modest growth in inventories and the decrease in sales 

in the month. The ratio was up from the 1.36 level seen in April 2018, 

as inventory growth has outpaced sales growth over the last year. 

     ** MNI Washington Bureau: 202-371-2121 ** 

[TOPICS: MAUDS$,M$U$$$,MAUDR$]