Thanks to a big drop in automotive inventories (and sales) and farm products, April’s final wholesale inventories data tumbled 0.5% MoM. It has not seen a bigger drop since May 2013.
Auto Inventories dropped 1.4% MoM and Farm Products tumbled 2.4% MoM, but Petroleum products 5% drop was the biggest.
This is considerably worse than the preliminary print.
YoY Growth in both Wholesale Inventories and Sales are starting to roll over…
All in all, this signals Q2 GDP could be in for a big downside surprise.
via http://ift.tt/2slQVaR Tyler Durden