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"If We Build It...?" - Wholesale Inventories Surge Most In 5 Years

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Boding well for Q1 GDP, Wholesale inventories accelerated further off January's jump, rising 1.1% MoM in February (well above the 0.5% rise expected). This is the biggest monthly jump since Oct 2013.




While wholesale inventories built notably, retail inventory growth slowed from +0.7% MoM in January to +0.4% MoM in February...



No detail on sales for now to be able to judge just how much this is a 'field of dreams' number out of phase with consumption, but the wholesale beat will likely mean upgrades to Q1 GDP estimates are on their way.

Just remember, American consumers are saturated with debt just to maintain living standards, so "building it" may not be enough to 'create' consumption.


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