Sep 15, 2010
| Last Updated
- Inventories are up. Yesterday’s business inventories data showed a 1% gain, with wholesale inventories showing a strong 1% increase versus a consensus of 0.7%, and durable goods inventories up 1.3%. In our view, low inventory levels are largely in balance with the weak sales pace and the recent uptick in inventories was higher than warranted. Gains in production will remain cautious going forward.
- Manufacturing levels are down. The Empire Manufacturing Survey fell back by three points to 4.1, disappointing consensus expectations who expected an increase to 8. Orders moved back[...]
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