This morning the BEA released its second estimate of first-quarter GDP at a non-newsworthy consensus 2.2%. We also have some "Advance" Economic Indicators from the Census Department to consider.

Advance International Trade in Goods

The international trade deficit was $68.2 billion in April, down $0.4 billion from $68.6 billion in March. Exports of goods for April were $139.6 billion, $0.7 billion less than March exports. Imports of goods for April were $207.8 billion, $1.1 billion less than March imports.

Advance Wholesale Inventories

Wholesale inventories for April, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $629.4 billion, virtually unchanged from March 2018, and were up 5.6 percent from April 2017. The February 2018 to March 2018 percentage change was revised from up 0.4 percent to up 0.2 percent.

Advance Retail Inventories

Retail inventories for April, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $633.5 billion, up 0.6 percent from March 2018, and were up 2.5 percent from April 2017. The February 2018 to March 2018 percentage change was revised from down 0.4 to down 0.7 percent.

Note the Revisions

The revisions were both sizable and negative. However, they reflect the first-quarter story.

Mike Mish Shedlock

Advance Indicators: Trade Deficit Widens, Wholesale Inventories +0.3%, Retail Inventories -1.0%

The advance (first) estimate of third-quarter GDP comes out tomorrow. The final economic report before the BEA's GDP announcement is the Census Bureau's advance indicator report for September. The report will likely lower GDP estimates.

Advance Wholesale Inventories +0.5%, Retail -0.4%

In March, wholesale inventories rose 0.5% to $628.8 billion. Retail inventories declined 0.4% to $626.6 billion.

Wholesale and Retail Inventories Rise

Census bureau reports show wholesale and retail inventories jumped in November.

Wholesale Inventories Jump 0.7%, Retail Up 0.1%: Impact on GDP?

The Census Bureau Advance Inventory Report shows wholesale inventories rose 0.7% while retail inventories were up 0.1%.

Wholesale Inventory Build Continues as Retail Sales Flounder

Wholesale inventories rose 1.0% nearly matching the consensus 1.1% estimate.

Wholesale and Retail Inventories Jump, Trade Deficit Improves Slightly: GDP and Hurricane Impact?

The Census Bureau’s Advance Economic Indicators show a slight improvement in exports and rising retail and wholesale inventories.

Strong Retail Sales Report Counting Upward Revisions

The May retail sales number missed expectations slightly but the Census Bureau upgraded April from -0.2% to +0.3%.

Wholesale Inventories Down 0.4%, Retail Down 0.1%

Wholesale and retail inventories both declined in October according to the Census Bureau Advance Indicators report.