While not the most timely of reports, the Monthly Wholesale Trade report from the Census is useful when estimating capital expenditures by industry.
Released a little over an hour ago, the January report showed good sales improvements compared with the wretched January 2009 period. Even more positive is that inventory-to-sales ratio's are still low, implying more upside than downside to capital purchases by companies this year.
Speaking of potential capital outlays, yesterday was another massive day in the investment-grade bond market, with about $12billion raised at super-low rates. Much of that money will go towards replenishing capital budgets that were pinched in 2009...
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