US November wholesale inventories +1.0% vs +0.5% prior

• Prior was +0.5% (revised to +0.6%)
• Retail inventories -0.3% vs -0.5% prior (revised to -0.7%)

That inventory build is positive for Q4 GDP but it's only a matter of time until it's reversed, adding downside risks to Q1 2023. Moreover, retailers continue to draw down inventories.