Business inventories for December
- business inventories for the month of December came in at +0.1% versus 0.1% estimate. The prior month came in at -0.2% (unchanged)
- retail inventories ex auto's came in at unchanged. That matched November
- inventory to sales ratio was 1.4 months versus 1.3 months November
- business sales fell -0.1% versus November +0.5% (revised from 0.7%)
Looking at the start of inventories, the trend has been moving lower.
The inventory to sales ratio is sitting near the highest level going back to 2017.
