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US May wholesale inventories +1.3% vs +1.1% expected

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May US wholesale inventory data

  • Prelim was +1.1%
  • Prior was +1.0%
  • Sales +0.8% vs +0.8% exp
  • Prior sales +0.8% (revised to +1.1%)
  • Stock to sales ratio 1.23 months vs 1.22 prior

These are revisions to the preliminary report and they’re not a market mover. Inventories remain tight, which is what you would expect given the bottlenecks. Rebuilding them will be a tailwind for growth well into 2022.

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