Monthly Retail, Wholesale Inventories for November Boost GDP

A shopper passes a ”Sale” sign at Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. (Photo: Reuters)

The advance monthly inventory data for November show builds for both retailers and wholesalers, at 0.1% and 0.7%, respectively. Both are positives for gross domestic product (GDP) even as preliminary estimates on the trade deficit widened.

Advance International Trade in Goods

The international trade deficit was $69.7 billion in November, up $1.6 billion from $68.1 billion in October. Exports of goods for November were $133.7 billion, $3.8 billion more than October exports. Imports of goods for November were $203.4 billion, $5.4 billion more than October imports.

Advance Wholesale Inventories

Wholesale inventories for November, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $610.2 billion, up 0.7% (±0.4%) from October 2017, and were up 3.8% (±0.7%) from November 2016. The September 2017 to October 2017 percentage change was revised from down 0.5 percent (±0.4%) to down 0.4% (±0.4%)*.

Advance Retail Inventories

Retail inventories for November, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $619.1 billion, up 0.1% (±0.2%)* from October 2017, and were up 1.9% (±0.5%) from November 2016. The September 2017 to October 2017 percentage change was unrevised at virtually unchanged (±0.2%)*.

* MoE