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Free AccessMNI DATA IMPACT: US March Wholesale Inventories Fall 0.1%>
--Feb Wholesale Sales Rise 2.3%; Inv/Sales Ratio Falls To 1.32
--Business Inventories Tracking Flat, Sales +1.5%
By Kevin Kastner and Harrison Clarke
WASHINGTON (MNI) - March wholesale inventories fell by 0.1%, below
the 0.3% gain expected by both a Bloomberg consensus and an MNI survey
of analysts, while wholesale sales were up 2.3% in the month, data
released by the U.S. Commerce Department Thursday showed.
Wholesale sales had initially been reported as flat in the advance
indictors report published last week and incorporated into the first
estimate of first quarter GDP.
Factory inventories were already reported up 0.4% and the advance
estimate of retail inventories was a 0.3% decline. Including today's
data, business inventories are tracking at a flat reading based on an
MNI calculation.
Retail trade sales, those excluding food services sales, were
already reported up 1.7% in March's retail sales release, while factory
shipments rose 0.7%, so MNI sees business sales tracking at a 1.5% gain.
Here are the key findings from the release:
- When excluding the 0.9% decline in the auto category, inventories
would have been flat, according to an MNI calculation. Excluding a
0.2% increase in auto sales, business sales would have been up 2.4%.
- The value of durable inventories rose by 0.3% in the month, led
by increases in machinery, metals, and hardware. Nondurables inventories
fell 0.6% in March on a 3.2% decline in drug inventories.
- Durables goods sales were up 1.4% in the month, on gains in
miscellaneous durable goods, electrical, and lumber. This was partially
offset by a decline in metals. Nondurable goods sales jumped by 3.1% in
March with a 9.4% surge in petroleum goods (the largest drop since
November 2017) the key factor. There were also sizable gains in farm
products and groceries.
- Given the movements in sales and inventories, the inventory to
sales ratio fell to 1.32 from 1.35 in the previous month. Seasonally
adjusted inventories were up 6.7% year/year, outpacing a 3.9% year/year
rise in sales. The ratio was 1.29 in March 2018.
** 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.