Wholesale inventories for May
- Prior was +0.3%
- Durable inventories +0.6%
- Nondurable inventories 0.0%
- Automotive inventories +0.7%
- Inventories +1.9% y/y
On the inventories side:
- Wholesale trade sales -0.5% vs -0.4% prior (prior revised to -0.3%)
- Sales ex-petroleum +0.4%
- Automotive -0.5%
- Durable goods -0.1%
- Non-durable goods -0.9%
- Sales +8.2% y/y
There is a lot of good and bad in this report. On the headline, that's a bit of slightly good news for Q2 GDP but two months in a row of soft sales is a concern, even if it's oil driven.
On net, it looks like inventories are running high and that's supported by the jump in y/y sales but going forward the signs aren't great.
