US January business inventories +0.3% vs +0.3% expected

Inventories rise in January

• Prior was +0.6% (revised to +0.8%)
• Sales +4.7% m/m vs +1.0% prior
• Inventory-to-sales ratio 1.26 vs 1.32 prior

Inventories are tightening up so expect to see better numbers in the spring.