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Inventories Miss As Non-Durables Drops Most Since Sep09

The headline wholesale inventories number missed +0.6% expectations, rising only 0.4% (from 0.8% prior) with its lowest build since Nov 2010. Under the covers though, non-durables were the most troublesome - unless of course the spin is that a falling inventory implies future growth as inventories 'have' to be rebuilt, right? Non-durables inventories dropped 0.6% - its biggest drop since Sep 2009.

Inventory-to-Sales ratios remain relatively low here (and stable) on average but we do note that significant builds are occurring in Chemicals (near 2009 record highs), Farm Products, and Furniture while Lumber, Paper, and Petroleum appear to show drops in inventory relative to sales.

Chart: Bloomberg