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Highlights
Inventory build is strong but not accelerating. Today's wholesale inventory report shows a 1.1 percent monthly build in March, right in line with trend. Looking at the first quarter, the inventory build for the wholesale sector was strong but a little less so than the build in the manufacturing sector. The retail sector is dragging on growth, showing a draw at least through February. March data for the retail sector will be released with Thursday's business inventory totals which look to repeat or come very near the 2.7 percent quarterly build of the fourth quarter. The pace of the current inventory build is a plus for job growth but doesn't point to acceleration for job growth.
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