by Mish

Wholesale inventories came in at a consensus 0.2 percent increase led by a sharp build in autos, excluding which March inventories were unchanged. Sales in the wholesale sector were unchanged in the month though the mismatch with the inventory build does not lift the stock-to-sales ratio which holds at a healthy 1.28. These results will not upset expectations for an incremental 0.1 percent rise in Friday’s business inventories report. Inventories have been moving higher gradually, largely in line with underlying demand.

Inventories vs Sales

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The above chart from the Census report Monthly Wholesale Trade: Sales and Inventories March 2017.

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The idea that inventories are healthy given poor retail sales reports is more than a bit questionable. A disaster awaits autos.

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Mike “Mish” Shedlock

Wholesale Inventories Crash, Led by Autos

Wholesale inventories plunged 5% in the Census Bureau Wholesale Trade Report for February, released today.

Wholesale Inventories Up 0.4 Percent: Spotlight on Autos

Wholesale inventories were up 0.4% in December vs expectations of a 0.2% rise. Revisions knocked November lower.

Inventories Bounce, Led by Autos: Inventories Adding To GDP?

Adding to silly Commerce Department reporting of “auto sales”, today we learn business inventories were up 0.3%, led by autos up 1.1%. The rise in inventories matched the Econoday consensus estimate.

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Inventory to Sales Ratios: What’s Really Going On?

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Inventories: Another Hit to GDP Estimates for First Quarter

Wholesale inventories declined 0.1% for March while retail inventories rose 0.4% according to Advance Indicators from the Census Department.

Wholesale Sales and Inventories Jump: Drugs, Groceries Lead the Way

Wholesale inventories in June rose 0.7% vs a Bloomberg Econoday consensus of 0.6%.

Wholesale Inventories Rise Slightly Following Big Jumps in December and January

Wholesale inventories rose 0.2% in February. The inventory to sales ratio is elevated.