Mixed bag over the past couple of days. By the end of the week, it will be a useful exercise to calculate the good news index (GNI). As of today, only five of the more than 20 reports have been released. At this point, we’re keeping pace with last month.
Consumer credit decreased at an annual rate of 1-1/2 percent in May 2009. Revolving credit decreased at an annual rate of 3-3/4 percent, and nonrevolving credit decreased at an annual rate of 1/4 percent. (Still bad. Consumers still retrenching.)
May 2009 sales of merchant wholesalers were $311.3 billion, up 0.2 percent from last month. End-of-month inventories were $402.2 billion, down 0.8 percent. (Good. Both sides contribute to continued decline in the inventory-to-sales ratio.)
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