April US business inventory data
– The March reading was +0.4% (revised to +0.3%)
– Business sales +0.9% vs +0.2% prior (largest since Feb 2014)
– Inventory-to-sales ratio 1.40 months vs 1.41 months prior
The small rise in inventories will be a small hit to GDP estimates but the jump in sales will boost growth and inventories in May, June and beyond.
