Written by Steven Hansen January 2014 wholesale sales and inventories data was soft. This data series is very noisy, and has been on a roller coaster of one good month / one bad month. The three month rolling averages for sales is decelerating.
On the surface, the January retail sales report released on February 13 doesn’t look so bad, in spite of the hysterical headlines about the big “miss” because of January’s bad weather. Street economists had a consensus guess that the seasonally adjusted headline number would be unchanged from December.
Written by Steven Hansen The Philly Fed Business Outlook Survey fell and entered contraction territory. Key elements also were in contraction.
Written by Steven Hansen The Empire State Manufacturing Survey degraded by remains in expansion territory in February 2014. Key internals are in contraction territory.
Written by Steven Hansen Econintersect‘s analysis of final business sales data (retail plus wholesale plus manufacturing) for December 2013 shows sales improved with inventory levels normal.