Business Inventories; Retail Sales; Import & Export Prices
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
June Business Inventories +0.8% vs prior +1.1% Full Report
Inside the number: In the last year sales +8.6%; inventories +6.3%. Retail inventories +0.9%; retail sales -0.4% this June buildup reconciles with the increase in the July retail sales report.
July Retail sales +1.4% vs prior -0.4% Full Report
Inside the number: Ex-auto +1% vs prior +0.1%; ex petroleum, building materials & auto +0.6%; increasing at the fastest pace in 6 months, as auto makers gave incentives to reduce the buildup of June inventories.
Retail sales are 33% of final demand; in the last year +4.8%; ex auto +9.2%. However, real consumer spending is 66% of final demand; real consumer spending a soft +2.5% annual pace in Q2.
Export Prices ex ag +0.2% vs prior +0.5%; Import Prices ex oil -0.1% vs prior +0.4%
Inside the number: Import prices ex oil +2.3% YOY. In the last 12 months: import prices +7%; export prices +4.4%. Energy passthrough Inflation abounds and margins for cheap imported goods are getting squeezed to the bone. Full Report
June Business Inventories +0.8% vs prior +1.1% Full Report
Inside the number: In the last year sales +8.6%; inventories +6.3%. Retail inventories +0.9%; retail sales -0.4% this June buildup reconciles with the increase in the July retail sales report.
July Retail sales +1.4% vs prior -0.4% Full Report
Inside the number: Ex-auto +1% vs prior +0.1%; ex petroleum, building materials & auto +0.6%; increasing at the fastest pace in 6 months, as auto makers gave incentives to reduce the buildup of June inventories.
Retail sales are 33% of final demand; in the last year +4.8%; ex auto +9.2%. However, real consumer spending is 66% of final demand; real consumer spending a soft +2.5% annual pace in Q2.
Export Prices ex ag +0.2% vs prior +0.5%; Import Prices ex oil -0.1% vs prior +0.4%
Inside the number: Import prices ex oil +2.3% YOY. In the last 12 months: import prices +7%; export prices +4.4%. Energy passthrough Inflation abounds and margins for cheap imported goods are getting squeezed to the bone. Full Report
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