Wholesale Trade sales and inventory data both disappointed in June with the former tumbling for the second month in a row and the latter well below expectations.
Wholesale Sales fell for the second straight month (down 0.3% MoM against +0.2% expectation), dragging the YoY change in wholesale sales to its weakest since Trump's election in Nov 2016.
Wholesale Inventories were unchanged MoM (below the +0.2% expectation) as it seems maybe the big inventory build has capped out once again...
Is the inventory juicing over?
It certainly seems that "we built it" but "they did not come"