Bond markets keep ratcheting to slightly weaker levels...

- Headline Sentiment 84.9 vs 83.0 consensus
- current conditions 91.3 vs 88.8 consensus
- 'expectations' 80.8 vs 79.6
- headline sentiment and expectations highest since July 2007
- current conditions highest since January 2008

The U.S. Census Bureau announced today that September 2012 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $414.0 billion, up 2.0 percent (+/-0.7) from the revised August level and were up 4.4 percent (+/-0.9%) from the September 2011 level. The August preliminary estimate was revised upward $0.5 billion or 0.1 percent. September sales of durable goods were up 1.2 percent (+/-0.9%) from last month and were up 2.8 percent (+/-1.2%) from a year ago. Sales of electrical and electronic goods were up 3.7 percent from last month and sales of metals and minerals, except petroleum were up 2.5 percent. Sales of nondurable goods were up 2.7 percent (+/-0.9%) from August and were up 5.7 percent (+/-1.2%) from last September. Sales of petroleum and petroleum products were up 8.3 percent from last month.

Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $494.2 billion at the end of September, up 1.1 percent (+/-0.4%) from the revised August level and were up 7.5 percent (+/- 1.2%) from the September 2011 level. The August preliminary estimate was revised upward $1.3 billion or 0.3 percent. September inventories of durable goods were up 0.9 percent (+/-0.4%) from last month and were up 8.2 percent (+/-1.1%) from a year ago. Inventories of metals and minerals, except petroleum were up 1.9 percent from last month and inventories of machinery, equipment, and supplies were up 1.5 percent. Inventories of nondurable goods were up 1.4 percent (+/-0.5%) from August and were up 6.5 percent (+/-2.6%) from last September. Inventories of farm product raw materials were up 7.3 percent from last month and inventories of petroleum and petroleum products were up 5.5 percent.

The September inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.19. The September 2011 ratio was 1.16.

10yr yields came back from their nightly 3 hour break...

- Imports +0.5 pct vs +0.0 consensus, +1.1 previously
- Exports unchanged vs +0.2 consensus

Import prices rose for the third consecutive month in October, increasing 0.5 percent after a 1.1 percent advance in September and a 1.2 percent rise in August. This upturn was largely driven by higher fuel prices, although nonfuel prices also increased in October and September. Led by the recent advances, overall import prices ticked up 0.4 percent for the year ended in October, which was the first 12-month rise in import prices since April.

Export prices recorded no change in October as rising nonagricultural prices were offset by a downturn in prices for agricultural exports. The price index for overall exports had risen in each of the previous three months, advancing 2.1 percent overall for the third quarter of 2012. Prices for overall exports increased 1.4 percent over the past year, the first 12-month advance for the index since April.

Bond markets keep ratcheting to slightly weaker levels...

- Headline Sentiment 84.9 vs 83.0 consensus
- current conditions 91.3 vs 88.8 consensus
- 'expectations' 80.8 vs 79.6
- headline sentiment and expectations highest since July 2007
- current conditions highest since January 2008

The U.S. Census Bureau announced today that September 2012 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $414.0 billion, up 2.0 percent (+/-0.7) from the revised August level and were up 4.4 percent (+/-0.9%) from the September 2011 level. The August preliminary estimate was revised upward $0.5 billion or 0.1 percent. September sales of durable goods were up 1.2 percent (+/-0.9%) from last month and were up 2.8 percent (+/-1.2%) from a year ago. Sales of electrical and electronic goods were up 3.7 percent from last month and sales of metals and minerals, except petroleum were up 2.5 percent. Sales of nondurable goods were up 2.7 percent (+/-0.9%) from August and were up 5.7 percent (+/-1.2%) from last September. Sales of petroleum and petroleum products were up 8.3 percent from last month.

Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $494.2 billion at the end of September, up 1.1 percent (+/-0.4%) from the revised August level and were up 7.5 percent (+/- 1.2%) from the September 2011 level. The August preliminary estimate was revised upward $1.3 billion or 0.3 percent. September inventories of durable goods were up 0.9 percent (+/-0.4%) from last month and were up 8.2 percent (+/-1.1%) from a year ago. Inventories of metals and minerals, except petroleum were up 1.9 percent from last month and inventories of machinery, equipment, and supplies were up 1.5 percent. Inventories of nondurable goods were up 1.4 percent (+/-0.5%) from August and were up 6.5 percent (+/-2.6%) from last September. Inventories of farm product raw materials were up 7.3 percent from last month and inventories of petroleum and petroleum products were up 5.5 percent.

The September inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.19. The September 2011 ratio was 1.16.

10yr yields came back from their nightly 3 hour break...

- Imports +0.5 pct vs +0.0 consensus, +1.1 previously
- Exports unchanged vs +0.2 consensus

Import prices rose for the third consecutive month in October, increasing 0.5 percent after a 1.1 percent advance in September and a 1.2 percent rise in August. This upturn was largely driven by higher fuel prices, although nonfuel prices also increased in October and September. Led by the recent advances, overall import prices ticked up 0.4 percent for the year ended in October, which was the first 12-month rise in import prices since April.

Export prices recorded no change in October as rising nonagricultural prices were offset by a downturn in prices for agricultural exports. The price index for overall exports had risen in each of the previous three months, advancing 2.1 percent overall for the third quarter of 2012. Prices for overall exports increased 1.4 percent over the past year, the first 12-month advance for the index since April.

- Headline Sentiment 84.9 vs 83.0 consensus
- current conditions 91.3 vs 88.8 consensus
- 'expectations' 80.8 vs 79.6
- headline sentiment and expectations highest since July 2007
- current conditions highest since January 2008

The U.S. Census Bureau announced today that September 2012 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $414.0 billion, up 2.0 percent (+/-0.7) from the revised August level and were up 4.4 percent (+/-0.9%) from the September 2011 level. The August preliminary estimate was revised upward $0.5 billion or 0.1 percent. September sales of durable goods were up 1.2 percent (+/-0.9%) from last month and were up 2.8 percent (+/-1.2%) from a year ago. Sales of electrical and electronic goods were up 3.7 percent from last month and sales of metals and minerals, except petroleum were up 2.5 percent. Sales of nondurable goods were up 2.7 percent (+/-0.9%) from August and were up 5.7 percent (+/-1.2%) from last September. Sales of petroleum and petroleum products were up 8.3 percent from last month.

Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $494.2 billion at the end of September, up 1.1 percent (+/-0.4%) from the revised August level and were up 7.5 percent (+/- 1.2%) from the September 2011 level. The August preliminary estimate was revised upward $1.3 billion or 0.3 percent. September inventories of durable goods were up 0.9 percent (+/-0.4%) from last month and were up 8.2 percent (+/-1.1%) from a year ago. Inventories of metals and minerals, except petroleum were up 1.9 percent from last month and inventories of machinery, equipment, and supplies were up 1.5 percent. Inventories of nondurable goods were up 1.4 percent (+/-0.5%) from August and were up 6.5 percent (+/-2.6%) from last September. Inventories of farm product raw materials were up 7.3 percent from last month and inventories of petroleum and petroleum products were up 5.5 percent.

The September inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.19. The September 2011 ratio was 1.16.

- Imports +0.5 pct vs +0.0 consensus, +1.1 previously
- Exports unchanged vs +0.2 consensus

Import prices rose for the third consecutive month in October, increasing 0.5 percent after a 1.1 percent advance in September and a 1.2 percent rise in August. This upturn was largely driven by higher fuel prices, although nonfuel prices also increased in October and September. Led by the recent advances, overall import prices ticked up 0.4 percent for the year ended in October, which was the first 12-month rise in import prices since April.

Export prices recorded no change in October as rising nonagricultural prices were offset by a downturn in prices for agricultural exports. The price index for overall exports had risen in each of the previous three months, advancing 2.1 percent overall for the third quarter of 2012. Prices for overall exports increased 1.4 percent over the past year, the first 12-month advance for the index since April.