US August prelim wholesale inventories +0.5% vs -0.1% exp

August wholesale and retail inventory data

• Prior was -0.3% (revised to -0.1%)
• Retail inventories +0.8% vs +1.1% expected
• Prior retail inventories +1.2%

The surprise rise in inventories along with the revision higher to July will lead to higher estimates for Q3 GDP. It's already running above +30% annualized.