2017 Economic Calendar
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Wholesale Trade  
Released On 1/10/2017 10:00:00 AM For Nov, 2016
PriorConsensusConsensus RangeActual
Inventories - M/M change0.9 %0.9 %0.3 % to 0.9 %1.0 %

Wholesale inventories rose very sharply in November, up 1.0 percent compared to 0.9 percent in the advance report and a draw of 0.1 percent in October. The good news is that November's build is centered in autos (+3.2 percent) where retail sales proved very strong in December. Sales at the wholesale level rose 0.4 percent which compared to the larger gain in inventories pulled up the stock-to-sales ratio to a less lean 1.32 from October's 1.31. Excluding autos, however, the ratio held unchanged at 1.27.

Inventories were heavy going into the fourth quarter and though September proved stable, early indications on November inventories (which also include retail and manufacturing) are pointing to a big build. Whether this build will prove a problem for production and employment in the first quarter will depend on how strong consumer spending was during the holidays. Watch for December retail sales on Friday morning followed at midmorning by the business inventories report.

Consensus Outlook
Wholesale inventories are to rise a very sharp 0.9 percent in November, in line with the 0.9 percent gain posted in the advance report. The advance indication for retail inventories also rose sharply and together with wholesale inventories are hinting at an unwanted fourth-quarter build, one that would give a boost to GDP but would pose risks for future production and employment.

Wholesale trade measures the dollar value of sales made and inventories held by merchant wholesalers. It is a component of business sales and inventories.  Why Investors Care

2017 Release Schedule
Released On: 1/102/93/84/75/96/97/118/99/810/611/912/8
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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