mishtalk.com / Mike “Mish” Shedlock / August 9, 2017
Wholesale inventories in June rose 0.7% vs a Bloomberg Econoday consensus of 0.6%.
Econoday was happy with the results but let’s dive a little deeper.
Wholesale inventories rose a sharp 0.7 percent in June in what was a wanted build given a likewise 0.7 percent rise in sales. The stock-to-sales ratio is unchanged at a lean 1.29. If there is an imbalance, it’s inventories of autos which rose 1.4 percent while sales fell 0.5 percent. Otherwise this a very positive report, pointing at the same time to sales growth and inventory growth.
Diving deeper into the Monthly Wholesale Trade Report, it’s not just autos that have an anomaly.
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