Over recent days, we’ve seen the release of five reports which provide us with the lions share of contributions to 3rd quarter GDP for the months of July and August.
The February report on Wholesale Trade, Sales and Inventories (pdf) from the Census Bureau estimated that the seasonally adjusted value of wholesale sales was at $427.6 billion, down 0.2 percent (+/-0.5%) from the revised January level, and 3.1% percent (+/-1.2%) lower than wholesale sales of February 2015. The January preliminary estimate was revised down $0.8 billion or 0.2 percent, leaving January's sales 1.9% below the December level.
Business Inventories, or Manufacturing and Trade Sales and Inventories, show a no change in June inventories and a -0.1% change for May. Sales increased 0.2% for June and 1.1% for May. This is really bad news for Q2 GDP.
The Manufacturing and Trade Sales and Inventories report shows a -1.1% decrease in sales and an +0.1% increase in inventories for June 2012. Sales declined -1.1% for manufacturers, -0.8% for retailers and -1.4% for wholesalers. This is the 3rd month in a row for declining sales and this is the largest monthly percentage decrease since March 2009.
The Wholesale Trade Sales & Inventories monthly report shows wholesale sales increased +0.5% from last month, and inventories decreased -0.1%. In August, wholesale inventories revised down to +0.1%. From this time last year, wholesale sales are up 15.0% and inventories have increased 11.9%.
The Manufacturers’ Shipments, Inventories and Orders for July 2011 was released today. New orders overall increased 2.4%. Removing transportation (which includes aircraft) from the numbers, new orders increased 0.9%, so things aren't as good as they seem. Air-o-plane new orders, not defense, shot up 43.4%.
The Wholesale Trade Sales & Inventories monthly report shows wholesale sales increased 3.4% from last month, and inventories increased 1.1%. In December, wholesale inventories increased 1.3%. From this time last year, wholesale sales are up 15.4% and inventories have increased 11.9%.
The Wholesale Trade Sales & Inventories monthly report shows wholesale sales increased 1.9% from last month, but inventories dropped -0.2%. For the year, wholesale sales are up 12.2% and inventories have increased 8.4%.
October sales were revised up to 2.6%, wholesale inventories revised down to 1.7% September to October percentage changes.
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