2013 Wholesale Inventories Rise At Slowest Pace In 4 Years

Tyler Durden's picture


Wholesale inventories missed expectations and rose at their slowest rate since July 2013 at a mere 0.3% MoM. However, the more concerning aspect (aside from the inventory build in Q4 that is now over and means GDP downward revisions to come for Q4 on) is that 2013 saw the weakest growth in inventories since 2009's collapse. At a mere 3.96% YoY, 2013's wholesale inventory growth is the 2nd slowest in a decade.



Charts: Bloomberg

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Tue, 02/11/2014 - 11:14 | 4423710 camaro68ss
camaro68ss's picture

time to load up on some ipads

Tue, 02/11/2014 - 11:16 | 4423711 Oldballplayer
Oldballplayer's picture

Didn't they build all the inventories in Q3?

Tue, 02/11/2014 - 11:46 | 4423823 BandGap
BandGap's picture

You mean before all the cold weather hit?

That's smart.


Tue, 02/11/2014 - 11:21 | 4423731 Max Damage
Max Damage's picture

And still the ramp in stocks continues

Tue, 02/11/2014 - 11:23 | 4423737 Cursive
Cursive's picture

Slowly...over the next 20 years...we will have less and less stuff.  Fortunately, as long as individuals continue to take control of their lives and food supply, that is a good thing.

Tue, 02/11/2014 - 11:27 | 4423747 Doubleguns
Doubleguns's picture

Shoppers are gonna have to go to yard sales to get their fix soon. 

Tue, 02/11/2014 - 11:26 | 4423750 Rising Sun
Rising Sun's picture

but clicks for buying useless fucking gaming apps are up, so this is bullish and that fucking cunt Yellen keeps printing


prosperity is back!!!!

Tue, 02/11/2014 - 11:41 | 4423804 adr
adr's picture

Yeah but the creator of Flappy Birds took his game down that was bringing in $50k a day in advertising revenue for the good of everyone.

He said he didn't create the game to make money, but to be a way to waste a couple minutes while you were on a bus. Not to become a crazy way to spend hours every day cursing yourself because you couldn't make it past pipe three.

A shitty game that anyone in a first year programming class could make was downloaded 100+ million times and brought in $50k a day. This fucking world is insane. In eighth grade I had to program a simple game for a class on a Commodore 64. I made a game where you had to fly a bat through a cave by flapping his wings. Fuck I wish I still had the floppy with that code.

Compared to Flappy Birds Root Beer Tapper looks like Halo3. Here I am trying to make products that meet engineering specs and government regulations to make $50k a year. No wonder nobody wants to work anymore.

Tue, 02/11/2014 - 14:55 | 4424524 Brindle702
Brindle702's picture

+ 1,000,000

Tue, 02/11/2014 - 11:32 | 4423760 Dr. Engali
Dr. Engali's picture

Keep building those inventories up. The consumer will come roaring back..... any day now...... still waiting.

Tue, 02/11/2014 - 11:32 | 4423761 adr
adr's picture

Yet comps continue to increase. The build in inventories is also adjusted bullshit just like everything else. The real data is buried somewhere like Atari ET cartridges. Everyone knows it's terrible, but if nobody actually sees how terrible it really is, they might be able to spin it positive.

 I think I'll go to Macy's today and buy another $90 Izod shirt for $7. Maybe drop by JC Penney's and buy some Dockers for $10 to go with it. My shovel is worn out from this winter, Sears has some really nice $50 ergonomic shovels on 70% clearance. I've also really been tempted by the $85 a month lease on the $26k Kia Optima.

Tue, 02/11/2014 - 11:32 | 4423762 prains
prains's picture

How is AnAnalogous Anus gonna get paid for shaving da pigs before they float down the river, if nobody's gonna buy ipads? troubles a brewin in Bing Bong Pow Province

Tue, 02/11/2014 - 11:31 | 4423769 NoDebt
NoDebt's picture

Not enough seasonal adjustment.  Try harder next time.

Tue, 02/11/2014 - 12:33 | 4423808 Smegley Wanxalot
Smegley Wanxalot's picture

Aint no inventory at the GM dealers!  Nope, none at all!

Tue, 02/11/2014 - 12:43 | 4424028 Colonel Klink
Colonel Klink's picture

Dive! Dive! Dive!

Get to work Mr. Yellen!

Tue, 02/11/2014 - 13:04 | 4424088 financialrealist
financialrealist's picture

The paradox of the modern ponzi scheme, I mean economy.  We cannot save and spend simultaneously.  Make a choice, but accept a no growth era making these statistics useless as we have exhausted our ability to rob Peter to pay Paul.

Tue, 02/11/2014 - 13:57 | 4424264 nantucket
nantucket's picture

but you can spend and save, you can just get digital 1's and 0's created in banks (savings!) and then you can rush out to spend your Janet-bucks (ink still wet, fresh off the press) on i-WTF's.  Your thinking is too conventional for the way Forward!

Tue, 02/11/2014 - 17:10 | 4425118 CouldBeWorse
CouldBeWorse's picture

I agree with your basic sentiment, but your basis is incorrect.  You can simultaneously save and spend.  I do it every month.  I just can't do it at a 100%  for each.  The more I spend, the less I save;  but rarely a month goes by where savings is zero or negative.   Again, I totally agree we have exhausted our ability to continue fooling ourselves.  At some point in every fallacious assumption about life, reality steps in to correct our misunderstanding of how things actually work.

Tue, 02/11/2014 - 17:00 | 4425066 CouldBeWorse
CouldBeWorse's picture

Once again I missed the point of a ZeroHedge chart.  Without additional information on the current inventory levels,  the relative change is a useless factoid.   For example, if the warehouse is busting at the seams from lack of consumer demand, then a decrease in inventory growth is a prudent, albeit worrisome (where's the consumer?), response.  If the warehouse is empty and busines refuse to restock the shelves in the face of strong consumer demand then that's a totally different problem.  You're trying to tell me something, but I'm not sure what.  Am I to fret about consumers not spending or companies not investing?   Perhaps the conclusion you want me to draw is we are approaching economic production equalibrium where companies are making just enough product to satisfy consumer demand.   A stagnation of sorts.

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