US DATA: Jan wholesale inv -0.2% vs. rev Dec -1.0% and -9.7% vs
year ago. Jan durable inv -0.5% and -15.4% from Jan 2009. Inv of
machinery, equipment, and supplies -1.8% from last month. End-of-month
inventories of nondurable goods +0.3% from Dec and +0.1% y/y. Inv of
petro +4.7%, while inv of farm product raw materials -4.5% in Jan. Jan
I/S ratio at 1.10 vs 1.12 in Dec. I/S ratio record low since series
began ’92. The Jan 2009 ratio was 1.35. wholesale inv sales +1.3% from
the revised Dec level; +10.5% from Jan’09. Jan sales of durable goods
+0.3% vs Dec; +9.5% y/y.