And to complete this morning's trifecta of disappointment, Business Inventories miss (for the 8th of the last 9 months) and show no change MoM - the weakest since May 2013. Building Materials, Furniture, and Autos saw inventories fall as Department Store inventories rose. Coupled with sales weakness (retail sales -0.9%), this is the highest inventory-to-sales ratio since Lehman... just as with Wholesale inventories...
Worst monthly change since May 2013...
[4]
and highest inventrory to sales ratio since Lehman...
[5]
But apart from that...
Charts: Bloomberg
