Already heavy-looking inventories rose another one percent today according to the Census Bureau Monthly Wholesale Trade Report.
Although it’s January, we are just getting data for November. There were no surprises.
November 2016 sales of merchant wholesalers were $452.6 billion, up
0.4 percent from the revised October level and were up 3.4 percent
November 2015 level. The September 2016 to October 2016 percent change was revised from the preliminary estimate of up 1.4 percent to up 1.1 percent.
Total inventories of merchant wholesalers were $595.3 billion at the end of November, up 1.0 percent from the revised October level. Total inventories are up 1.4 percent from the revised November 2015 level. The October 2016 to November 2016 percent change was revised from the advance estimate of up 0.9 percent to up 1.0 percent.
The November inventories/sales ratio for merchant wholesalers based on seasonally adjusted data, was 1.32. The November 2015 ratio was 1.34.
Mike “Mish” Shedlock