US DATA: March wholesale inv +1.1%, sales +2.9%, inv/sales ratio falls
to tied record low 1.13 vs 1.15 in Feb and 1.15 year-ago. Sales have
risen faster than inventories over the last year, narrowing the ratio
over that period. Both durable and nondurable inventories rose in the
month, but the sales gains were larger, particularly for petroleum
(+7.9%). Only auto and alcohol sales declined. Factory inventories were
already reported +1.1% for March, so the outlook for business
inventories is positive pending retail inventories.
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