In a sudden surge, out of the recent ranges, Wholesale sales soared 2.5% MoM in May – the biggest jump since March 2011 – suggesting pre-emptive buying ahead of Trump’s tariffs (as opposed to a new trend).
Wholesale inventories also accelerated notably (the highest YoY since Nov 2014), and Wholesale inventories excluding oil rose 0.5% in May.
This surge in sales MoM relative to inventories sent the key inventories-to-sales ratio to its lowest since October 2014…
And no recession in sight, right?
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