MNI DATA IMPACT: US March Business Inventories Flat>

--Retail Inventories Down 0.3% 

--Total Business Inventories Excluding Retail Auto Rise 0.1%

--Unpublished Retail Components Up 0.3%, MNI Calculation Shows

By Harrison Clarke

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

flat, as expected by both an MNI survey and the Bloomberg consensus, 

data released by the Commerce Department Wednesday morning showed. 

     Retail inventories posted 0.3% decline, while the wholesale 

inventories report showed a 0.1% decrease in the month, and factory 

inventories were already reported to be up 0.4%. 

     According to an MNI calculation, if a 0.9% decrease in motor 

vehicle inventories had been excluded, total business inventories would 

have been up 0.1% in March.  

     After excluding the decrease in motor vehicle inventories, the 

remaining retail categories posted a flat reading. All of the other 

retail inventory components were generally down in March, with building 

materials and food and beverage stores being the exceptions. 

     At the same time, the relatively large unpublished retail category 

rose 0.3% following a 1.1% increase in February, according to an MNI 

calculation. 

     March business sales posted a 1.6% increase in the month, and 

retail sales excluding food services were up 1.8% in March. There was a 

previously announced 0.7% increase for factory shipments, which are 

equal to sales in this report, and wholesale sales posted a 2.3% gain. 

     The inventory-to-sales ratio fell to 1.37 in March from 1.39 in 

February due to slower growth in inventories compared to sales in March. 

The ratio was up from the 1.36 level seen in March 2018, as inventory 

growth has outpaced sales growth over the last year. 

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

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