Technical Analysis

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.

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