With GDP now basically an exercise in inventory expansion and contraction (Q2 inventory estimate amounted to 40% of GDP [3]), this 'miss' in July Wholesale Inventories provides a worrying glimpse into Q3 GDP. Against expectations on a 0.5% rise MoM, inventories rose only 0.1% (and June was revised lower) to the weakest inventory build since May 2013. This is the 3rd miss in a row.
[4]
Chart: Bloomberg
