May US wholesale inventory data
- Prelim was +1.1%
- Prior was +1.0%
- Sales +0.8% vs +0.8% exp
- Prior sales +0.8% (revised to +1.1%)
- Stock to sales ratio 1.23 months vs 1.22 prior
These are revisions to the preliminary report and they’re not a market mover. Inventories remain tight, which is what you would expect given the bottlenecks. Rebuilding them will be a tailwind for growth well into 2022.