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Wholesale Inventories down 1.1% in October
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Sales. The U.S. Census Bureau announced today that October 2008 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 $377.4 billion, down 4.1 percent (+/-0.7%) from the revised September level, but up 2.7 percent (+/-1.4%) from the October 2007 level. The September preliminary estimate was revised downward $2.4 billion or 0.6 percent. October sales of durable goods were down 4.2 percent (+/-1.1%) from last month and were down 1.6 percent (+/-1.9%)* from a year ago. Sales of metals and minerals, except petroleum were down 5.2 percent from last month and sales of motor vehicle and motor vehicle parts and supplies were down 4.5 percent. Sales of nondurable goods were down 4.1 percent (+/-1.1%) from last month, but were up 6.5 percent (+/-2.3%) from last year. Sales of petroleum and petroleum products were down 11.2 percent from last month and sales of farm product raw materials were down 6.1 percent.
Inventories. Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $438.2 billion at the end of October, down 1.1 percent (+/-0.5%) from the revised September level, but were up 8.0 percent (+/-1.4%) from a year ago. The September preliminary estimate was revised downward $1.3 billion or 0.3 percent. End-of-month inventories of durable goods were down 0.2 percent (+/-0.5%) from last month, but were up 10.0 percent (+/-1.8%) from last October. End-of-month inventories of nondurable goods decreased 2.6 percent (+/-0.7%) from September, but were up 4.8 percent (+/-3.9%) compared to last October. Inventories of petroleum and petroleum products were down 18.2 percent from last month and inventories of farm product raw materials were down 8.5 percent.
Inventories/Sales Ratio. The October inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.16. The October 2007 ratio was 1.10.
Posted: December 10, 2008 Wednesday 10:02 AM