For the first time since July 2008, Wholesale Sales fell for the 4th month in a row in March (-0.2% vs +0.5% expectation). On a YoY basis, this is the worst sales drop since November 2008. Perhaps even more problematic is the weakness in inventories - which will drag Q1 GDP even lower - as the last time we saw a weaker inventory growth (+0.1% in March) was May 2013.
Wholesale Sales are a disaster...
[4]
and Inventories miss suggests Q1 GDP downgrades further into negative territory...
[5]
Wholesale Inventories to Sales remain at Lehman (and 2000) highs...
[6]
Charts: Bloomberg
