• Prior 1.6%. Revised to 1.5%
  • Inventories -0.2% vs 0.4% exp m/m. Prior -0.5% revised to -0.6%.
  • Inventory to sales ratio 1.17 vs 1.18 prior, lowest since April 2012

That’s the second straight unexpected fall. The inventory/sales ratio is dropping but that’s only a good thing if sales are picking up. They are but not at a great rate.

There were big drops in auto inventories but big increases in computer equipment. Excluding autos inventories were flat. It’s this component that goes into GDP so we could get economists marking down growth estimates

Sorry for the delay folks it all went a bit pear shaped round our back end.