US April wholesale sales -0.4% vs -0.2% expected
April wholesale trade sales and inventories
- Prior was +2.3% (revised to +1.8%)
- Final inventories +0.8% vs +0.7% preliminary reading
- Stock-to-sales ratio 1.34 months vs 1.33 prior
Inventories of autos increased by the most in eight months.
Inventories were a tailwind in the first quarter but are likely to be a drag in Q2.