US DATA: July wholesale inv +0.7%, sales -0.2%, inv/sales ratio 1.21, vs
1.20 in June and high since Nov’09. July total inv ex. autos +0.7% vs
-0.1% in June, an MNI calc shows, while sales ex. auto -0.2% vs -1.7% in
June. Dur and nondur inv both +0.7%, though petro inv -0.7% on lower
prices. Durables sales -0.8%, but autos +0.8%. Factory inventories were
already reported +0.5% in July, so the outlook for business inv is for
continued growth pending the retail inv data.