MBS MID-DAY: Every Bit as Slow as it was Supposed to be

– Inventories -0.2 pct vs +0.4 pct forecast
– Sales +0.4 vs +0.7 pct forecast
Market Reaction: None

The
U.S.
Census
Bureau
announced
today
that
June
2013
sales
of
merchant
wholesalers,
except
manufacturers’
sales
branches
and
offices,
after
adjustment
for
seasonal
variations
and
trading-day
differences
but
not
for
price
changes,
were
$425.9
billion,
up
0.4
percent
(+/-0.5%)*
from
the
revised
May
level
and
were
up
5.6
percent
(+/-2.8%)
from
the
June
2012
level.
The
May
preliminary
estimate
was
revised
downward
$0.4
billion
or
0.1
percent.
June
sales
of
durable
goods
were
up
1.1
percent
(+/-0.5%)
from
last
month
and
were
up
5.4
percent
(+/-3.3%)
from
a
year
ago.
Sales
of
electrical
and
electronic
goods
were
up
3.7
percent
from
last
month.
Sales
of
nondurable
goods
were
down
0.2
percent
(+/-0.5%)*
from
May,
but
were
up
5.8
percent
(+/-3.9%)
from
last
June.
Sales
of
grocery
and
related
products
were
down
1.8
percent
from
last
month,
while
sales
of
petroleum
and
petroleum products were up 5.3 percent.

Total
inventories
of
merchant
wholesalers,
except
manufacturers’
sales
branches
and
offices,
after
adjustment
for
seasonal
variations
but
not
for
price
changes,
were
$499.7
billion
at
the
end
of
June,
down
0.2
percent
(+/-0.4%)*
from
the
revised
May
level,
but
were
up
2.9
percent
(+/-
4.6%)*
from
the
June
2012
level.
The
May
preliminary
estimate
was
revised
downward
$0.4
billion
or
0.1
percent.
June
inventories
of
durable
goods
were
virtually
unchanged
(+/-0.4%)*
from
last
month,
but
were
up
4.3
percent
(+/-5.3%)*
from
a
year
ago.
Inventories
of
motor
vehicle
and
motor
vehicle
parts
and
supplies
were
down
1.5
percent
from
last
month,
while
inventories
of
computer
and
computer
peripheral
equipment
and
software
were
up
2.1
percent.
Inventories
of
nondurable
goods
were
down
0.3
percent
(+/-0.4%)*
from
May,
but
were
up
0.7
percent
(+/-5.6%)*
from
last
June.

The June inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on
seasonally adjusted data, was 1.17. The June 2012 ratio was 1.20

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/320176.aspx

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