The build in wholesale inventories was a remarkable four times expectations at +1.2%. This is the biggest surge (and largest beat) since December 2011. GDP-enhancing 'if we build it, they will buy' attitudes pervade but the sames data was desparately disappointing. Wholesale sales dropped 0.8% (against an expectation of a 0.1% rise) for the biggest drop in 3 months and one of the lowest since the crisis 'ended'. Wholesale inventory-to-sales ratio rose to its equal highest since mid 2009 - it seems a lot has been banked on the consumer's return as the inventory build was dominated by Computers, Lumber, and Drugs wheras the sales drop saw Farm Products and Petroleum biting.
[3]