Despite the biggest MoM jump in business sales since February 2014 (up 0.9% MoM driven by a 3.2% surge in auto sales), the crucial inventory-to-sales ratio remains stubbornly high in recession territory. Year-over-year, inventories have risen 1.0% while sales have tumbled 1.3% (massively helped by a dramatic seasonal adjustment from -2.9% actual YoY drop in sales).
“Adjusted” Sales and Inventories…
Driven by a huge seasonal adjustment…
Which leaves the inventory overhang ominously high still…
This won’t end well.
Charts: Bloomberg
The post Business Inventories/Sales Ratio Hovers At Recessionary Highs Despite ‘Adjusted’ Car Sales Surge appeared first on crude-oil.top.