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by Mish

Advance Wholesale Inventories

Wholesale inventories for November, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $594.5 billion, up 0.9 percent from October 2016, and were up 1.2 percent from November 2015. The September 2016 to October 2016 percentage change was revised from down 0.4 percent to down 0.1 percent.

Advance Retail Inventories

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Retail inventories for November, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $609.6 billion, up 1.0 percent from October 2016, and were up 4.1 percent from November 2015. The September 2016 to October 2016 percentage change was unrevised at down 0.4 percent.

Inventory-to-Sales

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This report will add a few ticks to 4th quarter GDP estimates. However, inventory-to-sales ratios are already way too high in my estimation.

Mike “Mish” Shedlock