- Prior reading was +0.2% (revised to -0.1%)
- Largest inventory decline since Sept 2011
- Wholesale sales +1.6% vs +0.4% expected
Inventories are a bit consideration for GDP but they’re a low tier data point. This likely means a downward revisions to Q2 GDP, which was already on the weak side. The good news is that the inventory-to-sales ratio is at the lowest since April 2012 and a rebuilding of inventories could boost Q3 growth.