US Wholesale inventories (F) for August 1.0% vs 0.8% exp.

Wholesale trade sales 0.8% versus 0.5% expected

  • Wholesale inventories rise +1.0% versus 0.8% expected. 
  • Wholesale trade sales 0.8% versus 0.5% expected. The prior month was revised to +0.2% from 0.0%
  • Stock/sales ratio 1.26 months versus 1.26 months last month

Better than expected data which should give a boost to 3Q GDP estimates. The Atlanta Fed GDPNow estimate will be released later this morning.  

The gains in inventories was the most since 2013 and is on the back of autos. Auto inventories were the highest since October 2013 and could be a negative if they are unwanted inventories because of slower demand.  Ex Autos sales – on the other hand look pretty good – for now at least.  

other breakdowns:

  • wholesale inventories excluding oil rose 1.0% in August
  • wholesale sales excluding autos rose 0.9% in August.  


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