US Advanced Goods Trade Balance Nov: -97.8B (est -$89.0B; prev -$83.2B) - Exports fall, imports increase, auto inventories grow for the first time in months

 US Advanced Goods Trade Balance Nov: -97.8B (est -$89.0B; prev -$83.2B)

US Wholesale Inventories (M/M) Nov P: 1.2% (est 1.8%; prev 2.3%)

- Retail Inventories ex-auto (M/M) Nov: 2.0% (prev 0.5%)

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



Quick update on the advanced indicators report for October which summarizes first look at imports, exports, and inventories.  All numbers m/m unless otherwise noted.

Exports - After falling by a big -4.7% in September and bouncing back strongly +10.7% in October as all categories were up solidly, November continued the back and forth falling -2.1% on a seasonally adjusted basis as all areas declined other than food and beverages.  Exports are up 22.2% y/y.

Imports - After increasing +0.8% in October (revised up from +0.5%), +0.9% in September, and +1.0% in August, imports jumped to +4.7% in November.  Industrial supplies (+10.0% led the increase with all categories gaining m/m.  Imports are up 19.1% y/y.

Full table below.



On seasonally adjusted inventories, wholesale was up 1.2% after increasing 2.5% (revised up from 2.2%) in October, 1.4% in September, and 1.2% m/m in August as both durable and non-durable inventories increased (by 2.0% and 0.1% respectively).  Wholesale inventories are up 15.7% y/y.  

Retail inventories were up 0.6% m/m (after increasing by 0.3% in October (revised up from +0.1%).  Autos, which had been a huge drag most of the year, led things up +4.3% which should hopefully be good news for some moderation in car prices at some point if it continues.  Excluding autos, retail inventories were +1.3% m/m.  Total retail inventories are up 0.6% y/y despite autos being down -21.4% 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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