2011 Economic Calendar
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Wholesale Trade  
Released On 9/9/2011 9:00:00 AM For Jul, 2011
 PriorConsensusConsensus RangeActual
Inventories - M/M change0.6 %0.8 %0.6 % to 1.8 %0.8 %

Inventory accumulation at the wholesale level is slowing but not quite to the degree that sales are slowing. Wholesale inventories rose 0.8 percent in July following a 0.6 percent build in June in what are the lowest monthly rates since the fourth quarter. Comparatively, sales at the wholesale level have been slowing even more, showing no change in July vs a 0.6 percent rise in June and a 0.3 percent contraction in May. This mismatch between inventory and sales growth is seen in July's rise in the stock-to-sales ratio to 1.17 from 1.16.

Factory inventory data are showing no imbalance with the stock-to-sales ratio dipping one tenth in both June and July to indicate that sales are ahead of inventory accumulation. At the retail level, inventories relative to sales have been steady but the pressure at the wholesale level indicated by today's report may be pointing to a tick higher for this sector's stock-to-sales ratio. Retail inventories for July will be posted with next Wednesday's business inventories report.

Consensus Outlook
Wholesale inventories growth slowed in June to 0.6 percent for the lowest rate of the year. This is welcome news given the slowdown in sales. Sales at the wholesale sector also rose 0.6 percent in the month to leave the stock-to-sales ratio unchanged at 1.16.

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


2011 Released Schedule
Released On: 1/112/103/94/85/106/97/88/109/910/711/912/8
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