March Wholesale Inventories: -1.5%

The good news: wholesale inventories at -1.5%
The bad news: wholesale inventories at -1.5%

Estimates were for a -0.7% decline. January was -0.9%. Yes, the thesis goes we need inventory clearance to buy new inventory (cap goods), however it could also mean that inventory are merely getting cleared out...period... and nothing is replacing them, strangling economic output.