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Wholesale Sales Tumble For 3rd Straight Month, Inventories Build

Well they "built it", but in May, "no one came." Wholesale Inventories rose a better-than-expected 0.4% MoM but sales tumbled worse-than-expected 0.5% (the 3rd monthly decline in a row).

Inventories reversed April's decline...

But sales keep falling... and accelerating...

Automotive inventories rose 0.7% MoM (against April's 1.4% drop) but Automotive sales dropped 0.5% in April.

Wholesale Inventories are still marginally lower for Q2 so far (-0.13%) providing a modest drag on GDP, but sales are down 0.77% in Q2 wit hthe biggest 3-month decline since March 2016 (amid fears of global recession)


This divergence between inventories building and sales slumping pushed the inventories-to-sales ratio up for the first time since November...