US July business inventories +0.5% vs +0.5% expected
US inventory data for July
- Prior was +0.8%
- Inventories up 7.2% y/y
- Sales up 16.3% y/y
- Retail inventories +0.5% vs +0.5% prior
- Inventor/sales ratio 1.25
There’s an extremely compelling case that inventory building will be a tailwind for many months ahead, perhaps even into 2023.
