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Free AccessMNI DATA IMPACT: US January Wholesale Inventories Rise 1.2%>
--Jan Wholesale Sales Up 0.5%; Inv/Sales Ratio Rises To 1.34
--Business Sales Tracking +0.1%
By Shikha Dave
WASHINGTON (MNI) - January wholesale inventories increased by 1.2%,
vs. +0.1% expected by both a Bloomberg consensus and an MNI survey of
analysts, while wholesale sales were up 0.5% in the month, data released
by the U.S. Commerce Department Friday showed.
Retail trade sales, those excluding food services sales, were
already reported up 0.2% in January's retail sales release, while factory
shipments fell 0.4%, so an MNI calculation sees business sales tracking
for a 0.1% gain.
Factory inventories were already reported up 0.5%. Since advance
retail inventories have not been released, MNI cannot calculate a
preliminary estimate for business inventories.
Here are the key findings from the release:
-When excluding the 1.4% rise in auto inventories, inventories
would have still been up 1.2%, according to an MNI calculation.
Excluding a 2.5% increase in auto sales, sales would have been up 0.3%,
also according to an MNI calculation.
-The value of durable inventories rose by 0.9% in the month, led by
increases in electrical, furniture, and autos. Nondurables inventories
rose 1.6% in January on a 10.7% rise in petroleum and a smaller gain in
apparel (+3.2%), but were partially offset by a 1.8% decline in farm
products.
-Durables goods sales were flat in the month, on declines in
miscellaneous durables and electrical. This was partially offset by
increases in lumber, furniture, and autos. Nondurable goods sales rose
by 0.9% in January on gains in apparel, farm products, and petroleum.
-Given the increase in sales and inventories, the inventory to
sales ratio rose in the month. Wholesale inventories and sales both rose
year over year, but sales rose slower than inventories. Inventories were
up 7.7% year/year, and sales were up 2.7% from January 2018. The ratio
is up to 1.34 from the 1.28 ratio seen one year ago.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]
To read the full story
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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.