Wholesale Inventory Ratio Jumps To Highest Since November As Sales Slide

Tyler Durden's picture

Wholesale Sales has fallen for 4 of the last 5 months with July sales dropping 0.1% MoM from June. While sales dropped, inventories surged 0.6% MoM, pushing the inventory-to-sales ratio to 1.30x - the highest since before the election (Nov 2016).

Year-over-year inventories growth is the highest since September 2015 as Sales growth slows...


The absolute wholesale trade "gap" is on the rise once again...


And with sales down and inventories spiking in July, the ratio has pushed back higher - highest since Nov 2016...


So while this may help Q3 GDP (inventories), the hangover is coming.

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