Retail inventories rose 0.3 percent in September in an offset, for
Wednesday's third-quarter GDP report, to a 0.3 percent draw in wholesale
inventories also released this morning. Retail inventories for autos,
up 0.2 percent, showed no immediate indication of dislocations tied to
the GM strike which began mid-month September.
...meanwhile...
Wholesale inventories fell 0.3 percent in September versus a revised no
change in August. The draw was centered in nondurable goods where price
effects are often at play and where inventories fell 0.7 percent in the
month. Inventories of durables at the wholesale level fell 0.1 percent.
Lower
inventories are a negative for GDP though these results for September
are offset by a 0.3 percent headline build for advance retail
inventories, data also released this morning.
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