Inventory Builds, Narrowing Overall Trade Gap Proved Big for GDP
The U.S. Census Bureau announced advance estimates for international trade, wholesale inventories and retail inventories for May.
| Indicator | Prior | Revised | Consensus Forecast | Forecast Range | Result |
| Goods Balance | $-72.1 B | $-70.9 B | $-71.5 B | $-74.0 B to $-70.0 B | $-74.6 B |
| Wholesale M/M % ∆ | 0.7% | 0.9% | 0.4% | 0.1% to 0.5% | 0.4% |
| Retail M/M % ∆ | 0.5% | 0.5% | — | — | 0.5% |
Advance International Trade in Goods
The international trade in goods deficit was estimated at $74.5 billion in May, up $3.6 billion from $70.9 billion in April. Exports were estimated at $140.2 billion, or $4.1 billion more than April. Imports of goods were $214.7 billion, up $7.8 billion.
Advance Wholesale Inventories
Wholesale inventories were estimated at $678.7 billion, up 0.4% (±0.2%). Year-over-year, they were up 7.8% (±1.1%). The March 2019 to April 2019 percentage change was revised higher from up 0.8% (±0.4%) to up 0.9% (±0.4%).
Data adjusted for seasonal variations but not for price changes.
Advance Retail Inventories
Retail inventories were estimated at $664.5 billion, up 0.5% (±0.2%). Year-over-year, they were up 4.8% (±0.5%). The March 2019 to April 2019 percentage change was unrevised at up 0.6% (±0.4%).
Data adjusted for seasonal variations but not for price changes.
