February’s preliminary wholesale inventories print rose the most since Sept 2012 and while the final print was slightly lower at +1.0% MoM – still the highest since Oct 2013.

However, the inventories-to-sales ratio remained flat at 1.26x as sales also surged (+1.0% MoM vs +0.1% exp) rebounding from January’s drop.

Year-over-year, wholesale sales continue to outpace inventory growth…

The solid inventories print (better than expected) will likely spark modest Q1 GDP upgrades.

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