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发表于 2010-8-13 08:16 AM
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8/13/2010 10:00:00 AM For Jun, 2010
Business inventories rose 0.3 percent in June in what is an unwanted build given a 0.6 percent decline in sales. The stock-to-sales ratio rose 1 tenth to 1.26, suggesting that businesses will once again see the need to draw down stocks -- that is not replenish inventories beyond essential output needs.
Inventories for the retail component jumped 0.8 percent but reflect a 3.2 percent build for autos & parts. For this component, the build is necessary given strong incentive-driven sales evident in today's retail sales report for July. Excluding autos, retail inventories were unchanged which fits with the 0.1 percent decline seen in today's ex-auto ex-gas category of the retail sales report.
This report, which feeds into GDP calculations, probably won't further scale down expectations for a downward revision to a one-percent handle for the second quarter's final GDP growth rate. |
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