- Prior was +0.7% (revised to +0.8%)
- Retail inventories ex autos +0.5% vs +0.4% prior
- Sales +2.1% vs +1.2% prior
- Inventory to sales ratio 1.24 months vs 1.26 prior
I expect a large build in US inventories once supply chain issues are sorted out and that will be an unceasing tailwind through 2022 and perhaps 2023.
