US inventory data for July

inventory to saels ratio US
  • Prior was +0.8%
  • Inventories up 7.2% y/y
  • Sales up 16.3% y/y
  • Retail inventories +0.5% vs +0.5% prior
  • Inventor/sales ratio 1.25

There's an extremely compelling case that inventory building will be a tailwind for many months ahead, perhaps even into 2023.