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‘Recovery’ Hopes Fade As US Wholesale Inventories Unexpectedly Plunge In June

Courtesy of ZeroHedge View original post here.

June was supposed to be the month of second-derivative beats in economic data, reaffirming the manic bid in stocks. For Wholesale Inventories it was not.

Against expectations of a rebound from a 1.2% drop in May to a 0.5% drop in June, wholesale inventories actually tumbled 2.0% MoM, the worst since the peak of the great financial crisis…

Source: Bloomberg

On a YoY basis, wholesale inventories are down 6.1%, less than at the peak of the great financial crisis…

Source: Bloomberg

Specifically, Durable Goods inventories fell 2.1% MoM (worsening from June) and Non-durable goods inventories dropped 1.7% MoM (vs unchanged in May).

Motor Vehicle & Parts Dealers inventories fell 6.8% MoM.

Retail inventories also tumbled 2.6% MoM in June (but that did slow the collapse from May).

And this data has a direct impact on GDP, suggesting the hoped-for recovery is far from certain… and in fact may be getting worse.


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