Economic Reports 03/14/09
Business Inventories Jan -1.1% vs -1.3%
Compared with February 2008, total sales were down significantly, tumbling 8.6%. Even excluding the slumping auto sector, sales contracted 5% from a year earlier.
To be sure, household spending is being attacked from all sides, including an extremely weak labor market, high personal debt, falling home values, and depleted stock market wealth.
Inventories, relative to sales, remained extremely bloated in January.
The important total business (i.e., retail, wholesale, and manufacturing) inventories-to-sales ratio lingered at its highest level since September 2001.
This high level of inventory, relative to sales, suggests sluggish freight volumes in the months ahead as the supply-chain works off these excess products.
Wholesale Trade Jan -0.7% vs -1.4%
Destocking is a serious concern for wholesalers as their inventories fell 0.7% in January, far under a 2.9% plunge in sales.
A look at year-on-year rates underscores how heavy January inventories were at the wholesale level:
inventories +1%, sales -15.4%. High, unwanted inventory is a central reason why firms are cutting their workforces.
Retail Sales Jan -0.1% vs +1%
Ex Auto +0.7% vs +0.9%; Overall retail sales on a year-on-year basis in February were down 8.6%, compared to down 9% in January.
Excluding motor vehicles, the year-on-year pace improved to down 5% from down 5.9% the prior month.
Trade Balance Jan -$36B vs -$39.9B
The U.S. trade gap in January shrank again as exports and imports competed to see which could fall the fastest.
In January, exports fell 5.7% while imports dropped 6.7%. Year-on-year, overall exports fell to down 22.8% while imports worsened to down 14.7%.
Import Prices Feb -0.2% vs -1.1%
Ex Oil import prices are down -0.6%. Export Prices -0.1% vs +0.5%; ex ag export prices +0.1%. Yoy Import prices are down 12.8% with export prices down 4.5%.
Initial Claims +9K at 654K
Jobless claims data indicate severe levels of contraction are extending into March. 4 week MA +9K at 650K.
Rising for 8 straight weeks continuing claims +193K at a record 5.317M
Compared with February 2008, total sales were down significantly, tumbling 8.6%. Even excluding the slumping auto sector, sales contracted 5% from a year earlier.
To be sure, household spending is being attacked from all sides, including an extremely weak labor market, high personal debt, falling home values, and depleted stock market wealth.
Inventories, relative to sales, remained extremely bloated in January.
The important total business (i.e., retail, wholesale, and manufacturing) inventories-to-sales ratio lingered at its highest level since September 2001.
This high level of inventory, relative to sales, suggests sluggish freight volumes in the months ahead as the supply-chain works off these excess products.
Wholesale Trade Jan -0.7% vs -1.4%
Destocking is a serious concern for wholesalers as their inventories fell 0.7% in January, far under a 2.9% plunge in sales.
A look at year-on-year rates underscores how heavy January inventories were at the wholesale level:
inventories +1%, sales -15.4%. High, unwanted inventory is a central reason why firms are cutting their workforces.
Retail Sales Jan -0.1% vs +1%
Ex Auto +0.7% vs +0.9%; Overall retail sales on a year-on-year basis in February were down 8.6%, compared to down 9% in January.
Excluding motor vehicles, the year-on-year pace improved to down 5% from down 5.9% the prior month.
Trade Balance Jan -$36B vs -$39.9B
The U.S. trade gap in January shrank again as exports and imports competed to see which could fall the fastest.
In January, exports fell 5.7% while imports dropped 6.7%. Year-on-year, overall exports fell to down 22.8% while imports worsened to down 14.7%.
Import Prices Feb -0.2% vs -1.1%
Ex Oil import prices are down -0.6%. Export Prices -0.1% vs +0.5%; ex ag export prices +0.1%. Yoy Import prices are down 12.8% with export prices down 4.5%.
Initial Claims +9K at 654K
Jobless claims data indicate severe levels of contraction are extending into March. 4 week MA +9K at 650K.
Rising for 8 straight weeks continuing claims +193K at a record 5.317M
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