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Highlights
Wholesale inventories rose 0.2 percent in July, a little above a 0.1 percent increase in wholesale sales but not enough to change the stock-to-sales ratio which remains at a record low of 1.11. Wholesale inventories of durables, at $247.5 billion, fell 0.5 percent from June reflecting a drop in autos, while wholesales inventories of non-durables, at $151.3 billion, rose 1.5 percent with gains in farm products but with petroleum little changed.
July data are now a curiosity given the importance of August, highlighted by this morning's suddenly and surprisingly weak employment report. Nevertheless, today's wholesale data indicate that inventories at the base of the economy were lean and in good shape heading into the rough seas of August. Retail inventories will be released next Friday as part of the business inventory report.
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