- July inventories +0.7% vs +0.2% exp
- No prior revisions
- Inventory-to-sales ratio is highest since Nov 2009
The first inventory reading on the third quarter. The inventory number is a early boost to Q3 but unless sales pickup, those inventories will be drawn down.
Inventory-to-sales is seen as a leading indicator, and it’s not good but keep in mind that these numbers are from July so they’re a bit dated.
