US business inventories for April 1.2% vs 1.2% estimate

Inventory/Sales ratio scraping along the bottom
  • Prior report +2.0% (was just above the 1.9% estimate)
  • prior month revised to 2.4% vs. 2.0% previously reported
  • US business inventories for April 2022 1.2% vs 1.2% estimate
  • April inventories $2345.1B vs 2317.2B revised in March
  • business sales +0.4% vs. March 1.6% (revised down from 1.8%). Business sales are up 13.7% from April 2021.
  • retail inventories ex auto’s unrevised at 1.7% in April vs 3.5% last month
  • Business inventories are up 60.6% from a year ago
  • The inventory to sales ratio came in at 1.29. That is up from 1.26 last month

This is the 7 month in a row of a number greater than 1%. Having said that, the inventory to sales ratio remains near lows (see chart above). So although inventories are moving higher, they have so far been sopped up by sales.

/ Inflation