Advanced indicators report for September - Big falloff in exports, imports up, inventories increase ex-autos - Neil's Summary

US Advanced Goods Trade Balance Sep: -$96.3B (est -$88.3B; prev -$87.6B; prevR -$88.2B)

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

- Retail Inventories (M/M) Sep: -0.2% (est 0.2%; prev 0.1%; prevR 0.2%)

Advance Economic Indicators Report - September 2021 (census.gov)


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

Exports - After increasing +0.8% m/m (all numbers m/m unless otherwise noted) on a seasonally adjusted basis in August (revised up from +0.7%) on the back of industrial supplies (+6.6%) and consumer goods (+1.6%), September exports fell by a big -4.7% as all categories other than consumer goods (+4.2%) fell, led by a reversal in last month's leader, industrial supplies (-9.9%) and capital goods (-3.6%).  Exports are up 16.8% y/y.

Imports - After increasing +1.0% in August (revised up from +0.8%) led by industrial supplies (+3.6%) and consumer goods (+4.9%), imports increased by +0.5% led by increases in "other goods" (+8.0%) and capital goods (+3.6%).  Big drag was autos (-7.7%).  Imports are up 18.0% y/y.

Full table below.


On inventories, wholesale was up 1.1% after increasing 1.2% m/m in August as both durable and non-durable inventories increased (both by 1.1%).  Wholesale inventories are up 12.7% y/y.  Retail inventories were up 0.5% m/m (with autos decreasing by -2.4% after falling by -1.5% in August).  Excluding autos, retail inventories were +0.6% m/m (+0.6% in August).  Total retail inventories are up +0.5% y/y dragged down by autos which are -20.5% 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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