Inventories another hit to Q3 GDP

Monday 3 December 2018

Business Indicators have delivered another GDP nasty in inventories:

SEPTEMBER KEY FIGURES

			Jun Qtr 18 to Sep Qtr 18	Sep Qtr 17 to Sep Qtr 18
			%	%

Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	-0.5	0.4
		Seasonally Adjusted	-0.9	-0.9
	Wholesale trade
		Trend	0.0	-0.4
		Seasonally Adjusted	0.9	-0.3
Inventories (Chain volume measures)
	Trend		0.5	1.7
	Seasonally Adjusted		0.0	1.6
Company gross operating profits
	Trend		2.6	13.2
	Seasonally Adjusted		1.9	13.5
Wages and salaries
	Seasonally Adjusted		0.9	4.3

That’s going to take roughly 0.3 away from Sep QTR GDP which is already struggling.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.