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By Mish

The advance numbers also point to a narrowing of the trade deficit which will add a small bit to second quarter GDP.

Advance Trade

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Advance Inventories

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This inventory build is unwarranted in light of actual retail sales. These numbers will likely boost second quarter GDP substantially. Expect a substantial payback in the third quarter.

I will have an estimate later today.

Mike “Mish” Shedlock