Advanced indicators report for July - Exports +1.5% M/M; Imports -1.4%; Wholesale Inventories +0.6%; Retail Inventories +0.4%

US Advance Goods Trade Balance (USD) Jul: -86.4B (est -90.9B; prevR -92.1B; prev -91.2B)

US Wholesale Inventories (M/M) Jul P: 0.6% (est 1.0%; prevR 1.2%; prev 1.1%)

US Retail Inventories (M/M) Jul: 0.4% (est 0.2%; prevR 0.5%; prev 0.3%)



Quick update on the advanced indicators report for July which summarizes first look at July imports, exports, and inventories.  

Exports on a seasonally adjusted basis increased a very solid 1.5% m/m in July after increasing 0.2% (revised down from 0.3% in June as autos got back on track increasing +5.1%.  Consumer goods also saw a big increase +4.7% and capital goods were up +2.2%.  Smaller increase in "other".  Food and beverage was down -0.1% and industrial supplies -0.3%.   

After increasing +1.8% in June (revised up from +1.5%) and 1.1% in May, imports fell in July down -1.4% with consumer goods (-4.3% after falling -2.5% in June (as revised)) and industrial supplies (-3.4% after increasing +8.9% in June) the big drags.  Other decliners were food and beverage and capital goods which were down -0.5 and -0.3% respectively.  Gainers were autos (+3.9%) and "other" (+3.2%).  

Full table below.




On inventories, wholesale was up 0.6% m/m (after June's upwardly revised 1.2% increase) as both durable and non-durable inventories increased (by 0.9% and 0.2% respectively).  Wholesale inventories are up 11.5% y/y.  Retail up 0.4% m/m (with autos increasing by 0.3% after falling -0.3% in June).  Excluding autos retail inventories were +0.5% m/m.  Total retail inventories are up +3.3% y/y dragged down by autos which are -14.3% y/y.


 

To see more content, including summaries of most major U.S. economic reports and my morning and nightly updates go to https://seekingalpha.com/user/15085872/instablogs for more recent or https://sethiassociates.blogspot.com for the full history.

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