Business Inventories; Retail Sales; Import Export Prices
Summary: Headline reads business inventories and sales up sharply.
Under the sheets, factoring in a 15% stagflation rate, YTD sales are off almost 12%.
Headline reads retail sales ex auto up. Under the sheets,
ex auto sales are up on gasoline sales, total retail sales are down, the rebate check effect has dissapated and confirming that YTD sales are off almost 12%.
Headline reads July import prices increased less than June. Under the sheets,
the largest one month rise in ag prices; and largest annual rise in export & import prices since records began. Proving that stagflation in running 15%.
Business Inventories Jun +0.7% vs +0.4% Full Report
Inside the number: Not adjusted for price changes. Inventories Yoy +5.6%; Manufacturing +7%; Retail +0.9%; Wholesale +9.5%
Yoy Sales +9.2%; Manufacturing +7.5%; Retail +3.2%; Wholesale +17%.
Wholesale increases reflect double digit price stagflation; liquidation of backed up inventory; and a margin squeeze at the retail level.
Deducting 15% stagflation reveals manufacturing is down 7.5% and retail sales are down 11.8%
Retail Sales Jul -0.1% vs +0.1% Full Report
Inside the number: Not adjusted for price changes. Retail Sales ex-auto Jul +0.4%; YTD Sales +3.3%.
Ex auto +5.8%; auto -6.6%; furniture -4.7%; building materials -2.2%; dept stores -2.6%; gasoline stations +21.2%.
Confirming -11.8 retail sales from business inventories: YTD Sales +3.3% - 15% inflation = -11.7% sales
Import Prices Jul +1.7% vs +2.9% Full Report
Inside the number: Import Prices Yoy +21.6%; oil +4%; Yoy +79.2%; ex-oil +0.9; Yoy +8%.
Export Prices +1.4%; Yoy +10.2%; ag +6.7%; Yoy +39.9%; ex-ag. +0.8%; Yoy +7.5%
Again, we gently repeat one of our mantras: Anyone claiming that stagflation is less than double digits, is either a paid liar, a fool or both.
Under the sheets, factoring in a 15% stagflation rate, YTD sales are off almost 12%.
Headline reads retail sales ex auto up. Under the sheets,
ex auto sales are up on gasoline sales, total retail sales are down, the rebate check effect has dissapated and confirming that YTD sales are off almost 12%.
Headline reads July import prices increased less than June. Under the sheets,
the largest one month rise in ag prices; and largest annual rise in export & import prices since records began. Proving that stagflation in running 15%.
Business Inventories Jun +0.7% vs +0.4% Full Report
Inside the number: Not adjusted for price changes. Inventories Yoy +5.6%; Manufacturing +7%; Retail +0.9%; Wholesale +9.5%
Yoy Sales +9.2%; Manufacturing +7.5%; Retail +3.2%; Wholesale +17%.
Wholesale increases reflect double digit price stagflation; liquidation of backed up inventory; and a margin squeeze at the retail level.
Deducting 15% stagflation reveals manufacturing is down 7.5% and retail sales are down 11.8%
Retail Sales Jul -0.1% vs +0.1% Full Report
Inside the number: Not adjusted for price changes. Retail Sales ex-auto Jul +0.4%; YTD Sales +3.3%.
Ex auto +5.8%; auto -6.6%; furniture -4.7%; building materials -2.2%; dept stores -2.6%; gasoline stations +21.2%.
Confirming -11.8 retail sales from business inventories: YTD Sales +3.3% - 15% inflation = -11.7% sales
Import Prices Jul +1.7% vs +2.9% Full Report
Inside the number: Import Prices Yoy +21.6%; oil +4%; Yoy +79.2%; ex-oil +0.9; Yoy +8%.
Export Prices +1.4%; Yoy +10.2%; ag +6.7%; Yoy +39.9%; ex-ag. +0.8%; Yoy +7.5%
Again, we gently repeat one of our mantras: Anyone claiming that stagflation is less than double digits, is either a paid liar, a fool or both.
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