Wholesales sales slumped 0.4% MoM in July – the biggest drop since January. Inventories were unchanged MoM, driving the inventories-to-sales ratio back up to 1.34x. Year-over-year, this was the 19th consecutive month of declines for wholesale sales…
Notably Auto sales dropped for the 3rd month in a row but Hardware saw the biggest monthly drop in sales.
Farm products saw the biggest drop in inventories along with drugs. Auto inventories rose but professional equipment rose the most.
The absoluet gap between sales and inventories remeains near record highs…
But the sales drop and inventiories flat has led to a rise in the inventories-to-sales ratio, which remains deep in recessionary territory…
Probably a good time to hike rates?
Charts: Bloomberg
via http://ift.tt/2bXFNVL Tyler Durden