Prior month 0.6%
The US business inventories come in weaker than last month and weaker than expectations
- Inventories were unchanged in March
- The prior month was at 0.6%
- The inventory to sales ratio 1.34 montsh vs 1.35 months in February
- Business sales were 0.5% vs 0.5% in Feb (revised higher from 0.4%)
- The level is the lowest since October 2017
- Auto inventories fell -1.1% vs 0.8% gain in February
- Retail inventories ex autos, which go into GDP, fell -0.1% vs a 0.2% gain in February
- Wholesale inventories rose 0.3%
The data will go into the 1Q GDP revision calculations. The Commerce Department estimated inventory investment added 0.43% to the 2.3% overall gain. The -0.1% fall in retail inventories ex auto should be a negative for the revision (all things equal).
