Wholesale Trade Numbers Edge Out Estimates

The U.S. Census Bureau has announced the February 2016 sales of merchant wholesalers, with the exception of manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes. The number came out to $427.6 billion, down roughly 0.2% from the revised January level, and down 3.1% from the February 2015 level. Bloomberg had a consensus estimate of −0.5%.

The January preliminary estimate was revised downward 0.2%. February sales of durable goods were up 1.2% from last month and up 0.2% from a year ago. Sales of electrical and electronic goods were up 3.1% from last month, and sales of lumber and other construction materials were up 2.9%.

Sales of nondurable goods were down 1.6% from January and down 6.2% from last February. Sales of petroleum and petroleum products were down 10.1% from last month, and sales of farm product raw materials were down 2.0%.

Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, totaled $583.3 billion at the end of February, down 0.5% from the revised January level, but were up 0.6% from the February 2015 level.
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The January preliminary estimate was revised downward $2.1 billion, or 0.4%. February inventories of durable goods were down 0.1% from last month and down 1.3% from a year ago. Inventories of lumber and other construction materials were down 1.6% from last month, while inventories of electrical and electronic goods were up 2.0%.

Inventories of nondurable goods were down 1.1% from January, but were up 3.7% from last February. Inventories of farm product raw materials were down 4.2% from last month and inventories of drugs and druggists’ sundries were down 3.5%.