Wholesale Trade Sales were hit with a double-whammy, revised notably lower in May and dropping 0.1% MoM in June. Wholesale inventories rose a modest 0.1% MoM leaving inventories-to-sales flat on the month.

Expectations were for a 0.2% rise in June after a 2.5% gain in May but the entire curve dropped with a 0.1% drop in June after a revised lower 2.1% gain in May…

Inventory growth slowed in June…

On a YoY basis, both sales and inventory growth slowed…

The scale of June’s data shifts suggests very modest shifts in GDP forecasts (if at all)