dinsdag 11 juli 2017

Wholesale Sales Tumble For 3rd Straight Month, Inventories Build

Well they "built it", but in May, "no one came." Wholesale Inventories rose a better-than-expected 0.4% MoM but sales tumbled worse-than-expected 0.5% (the 3rd monthly decline in a row).
# Inventories reversed April's decline...


But sales keep falling and accelerating...


Automotive inventories rose 0.7% MoM (against April's 1.4% drop) but Automotive sales dropped 0.5% in April. Wholesale Inventories are still marginally lower for Q2 so far (-0.13%) providing a modest drag on GDP, but sales are down 0.77% in Q2 wit hthe biggest 3-month decline since March 2016 (amid fears of global recession)...


This divergence between inventories building and sales slumping pushed the inventories-to-sales ratio up for the first time since November...