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April Wholesale Inventories And Sales Another Miss

Tyler Durden's picture


And another signal of economic slowdown: Wholesale Inventories, that wonderful plug for generic "growth" was unable to keep up with expectations, rising only 0.8% in April, below consensus of 1.0% and down from an upward revised March number of 1.3% (1.1% previously) meaning that Q1 growth may be revised higher at the expense of Q2. Even bigger was the miss in wholesale sales which plunged from 2.9% in March to just up 0.3%, well below consensus of 1.2%. Yet since today is one of those bad news is good news days, expect the Dow to close up triple digits. From the release: The U.S. Census Bureau announced today that April 2011 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $393.5 billion, up 0.3 percent (+/-0.5%) from the revised March level and were up 14.4 percent (+/-1.4%) from the April 2010 level....Total inventories of merchant wholesalers...were $447.2 billion at the end of April, up 0.8 percent (+/-0.4%) from the revised March level and were up 13.8 percent (+/-1.2%) from a year ago." Lastly, the inventory/sales ratio was unchanged from March, coming at 1.14.


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Thu, 06/09/2011 - 10:13 | 1354268 Johnny Lawrence
Johnny Lawrence's picture

Doesn't matter.  Market will go up anyway.

Thu, 06/09/2011 - 15:24 | 1355374 Triggernometry
Triggernometry's picture

"Some how, some way, keep coming up with funky ass shit like every single day"

Snoop for Prez 2012

Thu, 06/09/2011 - 10:13 | 1354269 PaperBear
PaperBear's picture

I think it would be easier to count the expectations that get met rather than the blizzard of expectation misses.

Thu, 06/09/2011 - 10:16 | 1354272 oogs66
oogs66's picture

eventually they will ratchet down expectations enough that one number will beat and they will all scream that market is cheap now that the data is better!  ugh

Thu, 06/09/2011 - 10:15 | 1354271 John McCloy
John McCloy's picture

  Data no longer matters. Only when and were the next bailout is arriving. The financial markets died 3 years ago. All stock markets have been nationalized by central banks. 

Thu, 06/09/2011 - 10:18 | 1354278 snowball777
snowball777's picture

Scotty: I can't give her any more, Captain!

Captain: Scotty, we need those channels stuffed.

Scotty: I d'nae can, Cap'n <nervously slipping brogue-ish>


Thu, 06/09/2011 - 10:22 | 1354281 SheepDog-One
SheepDog-One's picture

WOW and the algo-bots just LOVE it!

Thu, 06/09/2011 - 10:29 | 1354286 SheepDog-One
SheepDog-One's picture

Damned if they do, damned if they dont...actually I hope bubble equities DO close up then their case for much needed QE crack fix will be negated, for today anyway.

Thu, 06/09/2011 - 10:26 | 1354291 wombats
wombats's picture

What is the significance of this miss?

Thu, 06/09/2011 - 10:25 | 1354298 kito
kito's picture

You should admire the market for its optimism

Thu, 06/09/2011 - 10:31 | 1354317 carbonmutant
carbonmutant's picture

Spend and Pretend...

Thu, 06/09/2011 - 11:00 | 1354345 plocequ1
plocequ1's picture


Thu, 06/09/2011 - 10:48 | 1354375 Threeggg
Threeggg's picture

Looks like there is plenty in inventory of Cotton, Pulp and Ink !

"Kirk: Scotty, I need warp speed in three minutes or we're all dead.

Thu, 06/09/2011 - 12:29 | 1354754 mr. mirbach
mr. mirbach's picture

If inventories are reported in terms of item prices, not number of items,  and price inflation is let's say  3%, doesn't that really mean that growth is 0.3% - 3% = -2.7% ?

Inventory stacking up at the wholesaler means NO thru put to retailers. 


Oh yeah, things are improving!

Thu, 06/09/2011 - 12:55 | 1354858 ebworthen
ebworthen's picture

Yahoo Finance has a headline story link that reads

"Wholesale inventories and sales both increase"

...but the link is broken.

Thu, 06/09/2011 - 13:10 | 1354902 slewie the pi-rat
slewie the pi-rat's picture

nice graph, but when i tried to think thru it, i realized these census reports are designed for people who are just incredibly brilliant...

Thu, 06/09/2011 - 13:39 | 1354993 alexanderstollznow
alexanderstollznow's picture

funny, ZH seems to have missed reporting on the Trade Balance.   could that be because it showed record exports, which of course are the result of a weaker USD, which just happens to be constantly complained of here as being something bad.

or maybe someone just forgot to cover it because they were too busy writing fairy stories about The Government telling Bloomberg to stop tracking revisions to Initial Jobless Claims numbers?


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